Hats off to Australia’s biggest bus business, Kinetic, for completing the dealmakers’ equivalent of the Melbourne Cup. It stayed, and stayed, and stayed to storm home and secure its third big private capital backer in little more than a decade.
The 18-month-plus auction wrapped up with private equity giant TPG Capital’s transition investment arm buying a 70 per cent stake at a $4 billion-plus valuation overnight – pretty much what Kinetic and its owners set out to get mid last year, albeit before the process turned into a two-mile slugfest.
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