Citybus, New World First Bus Sold For HK$3.2bn
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2020-08-21 HKT 21:46
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NWS, the company behind Citybus and New World First Bus, has agreed to sell the two bus companies to a consortium led by a private equity fund, Templewater, for 3.2 billion dollars.
In a filing to the Hong Kong stock exchange on Friday, NWS said it had considered the buyer's background, experience and intention for the business during the decision-making process, and that the new owner is committed to working in partnership with the two bus companies' management and staff to maintain its service standards.
NWS said the all-cash offer would allow it to capture opportunities ahead.
The two bus companies employ a total of five thousand workers and operate about 200 routes.
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