News, Deals & Awards

Ashurst has advised David Royle Bus Holdings Pty Ltd on its entry into an agreement to sell Forest Coach Lines ('FCL'), alongside Next Capital, to ComfortDelGro Corporation Australia Pty Ltd ('CDC') for A$110 million. 

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FCL operates a Sydney Metropolitan Bus Service Contract with Transport for New South Wales ('TfNSW') in Northern Sydney and has five Rural & Regional Bus Service Contracts with TfNSW in the North Coast and New England regions. CDC is a wholly owned subsidiary of ComfortDelGro Corporation Limited, a multi-national transport company based in Singapore with operations in the UK, Australia, China, Vietnam and Malaysia. The acquisition will enable CDC to expand its operations in New South Wales, where it already operates 1,239 vehicles. 

Lead partner Stuart James (Corporate) commented: "We were very pleased to again work with entities associated with David Royle on the disposal of Forest Coach Lines. The disposal to a multi-national like CDC was the natural next step for the business, and is another example of a joint venture between private equity and management delivering a successful outcome."

Stuart was assisted by senior associate Rahil Patel, and lawyers James Campbell and Charles Dallimore; partners Trent Sebbens and Rob Lilburne (Employment); and partner Gaelan Cooney (Finance). 

The transaction is expected to complete in August 2018. 

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