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SeaLink acquires Qld ferry business

SeaLink acquires Qld ferry business

James Burchnall

Two firms have advised on the $125 million acquisition of Transit Systems Marine by SeaLink Travel Group.

Firms: Kain C+C (SeaLink Travel Group); Minter Ellison (Transit Systems Marine)

Deal: South Australia-based SeaLink Travel Group bought Qld ferry operator Transit Systems Marine.

Value: $125 million

Area: M&A

Key players: The team from Kain C+C was headed up by James Burchnall, with support from Sarah Chia, James Frearson-Lea and Joshua Bell.

Deal significance: SeaLink will become Australia’s largest marine transport and tourism business with this acquisition, according to a statement from Kain C+C.

SeaLink will absorb the passenger and commercial ferry routes operated in Brisbane, Gladstone and Moreton Bay.

“This acquisition forms a key part of SeaLink’s business strategy to seek domestic growth opportunities in the marine transport and tourism sectors,” Mr Burchnall said.

“It will significantly increase SeaLink’s scale and broaden its expertise, positioning SeaLink to compete for new business opportunities in Australia and overseas.”

SeaLink already operates ferry routes in Kangaroo Island, Magnetic Island, Palm Island and the Tiwi Islands, as well as Captain Cook Cruises in Sydney Harbour.

The acquisition will be partly funded by a share placement of approximately $40 million to sophisticated and professional investors and a share purchase plan that could raise up to $16.9 million.

Overall, the capital raising is expect to raise SeaLink’s market capitalisation increase to more than $250 million.

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