30 July 2020
Kinetic NZ Holdings Limited has been granted consent by the Overseas Investment Office to acquire up to 100% of the shares in Go-Bus Holdings Limited.
Consent was required because Go-Bus holds leasehold interests in two properties that are considered sensitive land in Silverdale and East Tamaki which adjoin reserve land, and consideration for the shares exceeds NZ$100m.
Kinetic NZ is ultimately owned by the OPSEU Pension Plan Trust Fund (alongside Kinetic Group management). The Kinetic group operates bus and coach services, including the SkyBus services in Auckland, Melbourne, Hobart and the Gold Coast, and other services throughout Australia.
The Kinetic group is investing in Go-Bus with a view to supporting Go-Bus to submit high quality bids for various New Zealand transport contracts when they come up for renewal. Kinetic plans to review the Go-Bus fleet with the aim of introducing more e-buses, supporting New Zealand’s environmental obligations, and invest in depot and other business infrastructure. The acquisition will also diversify Kinetic NZ’s mass transit business and support the expansion of SkyBus beyond Auckland.
Go-Bus Holdings is a joint venture between Ngāi Tahu (66.67%) and Tainui (33.33%) iwi. The sensitive land is currently used for Go-Bus’s operations and consists of offices, bus depots and parking spaces. Following the investment, the land will continue to be used for these purposes.
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