Ritchies Transport, which runs 1,600 vehicles and 42 depots that operate across the country, will be acquired by the global investment firm KKR.
The terms of the deal were not disclosed, but sources familiar with the circumstances say the deal values Ritchies at over $500 million.
The government now requires all of its agencies and ministries to electrify fleets within the next five years. The government aims to decarbonize public transport, which mainly relies on buses, entirely by 2035. A KKR spokesperson said they are committed to helping Ritchies further electrify its fleet.
The investment comes from KKR’s Asia Pacific Infrastructure Fund. The investment is the first one for the Fund in New Zealand. The acquisition is still conditional on approval from the Overseas Investment Office.
