Cabcharge Australia Limited
(ASX:CAB) will purchase the Dandenong Taxi business in Melbourne.
The deal has finally received the green light from the ACCC after it was first negotiated back in January.
The Dandenong business is a network of 105 taxis that services the South East Growth corridor adjacent to the Metropolitan Taxi Zone. It’s an area with strong population growth and could benefit if plans for a potential airport go ahead.
The deal will be funded internally from existing cash resources.
Cabcharge reported a net profit of $46.79 million for the 2015 financial year.
