TPG has acquired Kinetic, Australia’s largest bus operator, in a deal exceeding $4 billion. Street Talk reports that the private equity firm, advised by UBS and Azure Capital, finalised the agreement overnight with the owner of Melbourne’s SkyBus airport shuttle. This acquisition marks a significant expansion of TPG’s investment portfolio in the Australian market.
In other news, the ASX experienced a downturn ahead of the Reserve Bank of Australia’s (RBA) upcoming policy decision. City Chic shares surged following a positive sales update, while Novonix experienced a dive. Elsewhere, Elders has gained control of Delta Agribusiness, further consolidating its position in the agricultural sector.
Meanwhile, former Macquarie bankers Daniel and Will Roberts have secured a lucrative deal with Microsoft, highlighting the increasing demand for companies specialising in artificial intelligence. Their firm’s pivot from bitcoin to AI earned them a substantial $15 billion payday. Additionally, controversy surrounds the R&D tax break, with concerns raised about taxpayer subsidies being directed towards industries like gambling, alcohol, and novelty pizza innovations.
