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COMFORTDELGRO Corporation (ComfortDelGro) has entered into a share purchase agreement to acquire the remaining 49 per cent stake in CityFleet Networks (CFN) from Cabcharge Australia for £7.9 million (S$14 million), making CFN a wholly-owned subsidiary.
CFN provides account, booking and despatch services for taxis, private hire cars and coaches in the United Kingdom.
The purchase price is based on a valuation of 5.6 times the FY2016 earnings before interest, tax, depreciation and amortisation (ebitda) of CFN, said ComfortDelGro. As at May 31, 2017, CFN had accumulated profits of £9.1 million.
The acquisition will be financed by internal funds.