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Keppel Infrastructure plans to raise up to US$370m for Ventura Motors acquisition
Singapore’s Keppel Infrastructure Trust (KIT) is considering raising up to S$500 million (US$370 million) through a placement and preferential offering, according to people with knowledge of the matter.
KIT is working with financial advisers on a fundraising that could take place as soon as this week, the people said, asking not to be identified as the process is private. Deliberations are ongoing and details may change, the people said.
A spokesperson for KIT said unitholders have approved a potential equity funding round for a proposed acquisition of Australian bus company Ventura Motors Pty Ltd.
“We are monitoring the market and will launch if the conditions are conducive,” the spokesperson wrote in an email, without disclosing financial details.
KIT announced in February that it was buying 98.6% of Melbourne-based Ventura for an enterprise value of A$600 million (US$396 million), in a transaction expected to be completed in the second quarter. At the time, it said it intended to fund the investment with “an optimal combination of internal sources of funds, equity and/or debt capital market issuances and/or external borrowings”.
KIT said it had about S$8.1 billion assets under management at the start of 2024, which will rise to some S$8.7 billion after the Ventura deal. Run by Keppel Infrastructure Fund Management Pte Ltd and sponsored by Keppel Ltd, the trust has a market value of about S$2.6 billion, down 8% from S$2.8 billion on Jan 2.
- Bloomberg
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