Proceeds of planned sale to help Rex wipe away secured debt.
Certain members at Rex Group have entered into an agreement to divest its Pel-Air Ambulance business for $47,100,000 to an entity controlled by Toll Holdings.
The transaction is subject to customer conditions and regulatory approvals by the Foreign Investment Review Board.
Pel-Air has been a strong-performing arm of the Rex business, having secured a 12-year contract with Ambulance Victoria worth over $300 million in 2022.
The subsidiary also had strong revenue injections fuelled by contracts with NSW Ambulance in recent years.
If the sale passes all approvals, it is expected to be settled in the last quarter of this year.
More details in tomorrow’s issue of Travel Daily.