The sale of the bus company, which operates throughout NZ and has depots in Christchurch, was announced by Ngai Tahu Holdings and Tainui Group Holdings on Monday.
The iwi companies had joint ownership of the company after buying it in 2014.
It has been sold to transport company Kinetic, which operates SkyBus in Auckland and 177 other services across Australasia.
“We’re pleased Go Bus is being purchased by Australia’s leading mass transit operator, which already successfully operates in New Zealand," Ngai Tahu Holdings chair Mark Tume said.
"Go Bus and Kinetic have similar visions and values, and Kinetic has more than 40 years’ experience in public transport; and moves more than 48 million passengers a year."
Kinetic is majority owned by a Canadian pension trust.
It operates Surfside Buslands and Sunbus in Queensland as well as Sydney’s largest bus and coach charter company, Telford’s.
Mr Tume said Ngai Tahu Holdings and Tainui Group Holdings had invested in and grown Go Bus and it was time for ‘‘realising the value created’’.
‘‘Ngai Tahu Holdings will use these funds to further strengthen the balance sheet so we’re well positioned to take advantage of new opportunities,” Mr Tume said.
Tainui Group Holdings chairman Sir Henry van der Heyden said the partnership with Ngai Tahu produced the outcome both parties were seeking: to invest successfully on behalf of tribal members.
“Through mahi tahi, working together, this partnership between the first two iwi to settle with the Crown has created value for our respective whanau, the shareholders, and that’s something we’re very proud of,” he said.
Kinetic co-chief executive officers Adam Begg and Michael Sewards said they are excited to welcome Go Bus to the group and described the acquisition as a milestone for the company.
“Under the stewardship of Ngai Tahu Holdings and Tainui Group Holdings, Go Bus has gone from strength-to-strength with significant growth in new routes, new vehicles and in the size and skills of the Go Bus team to support this,’’ Mr Begg said.
‘‘There is also exciting innovation with the introduction of electric vehicles in some parts of the market and further trials under way.”
Go Bus chief executive Calum Haslop said he looked forward to the contribution Kinetic would bring to the company and passenger transport in Aotearoa.
“We’ve continued to grow significantly over the last five years by focusing on the needs of our customers, continuous improvement and innovation, and the wellbeing of our fantastic Go Bus team.
‘‘We see Kinetic as a natural fit for this next stage and are delighted by the joint opportunities ahead.”
Mr Haslop said it is business as usual for all Go Bus routes, fares, passengers and drivers.
Ngai Tahu and Tainui bought Go Bus in 2014 from Australian private equity firm Next Capital.
- staff reporter
