ComfortDelGro to buy out 49% stake in Australian venture for A$186m

Singapore

COMFORTDELGRO Corp revealed before Wednesday trading hours an agreement to buy out the 49 per cent stake it does not own in its Australian venture, ComfortDelGro Cabcharge Pty Ltd (CDC), for A$186 million (S$194.7 million).

The acquisition of the shares from Cabcharge is based on a valuation of 4.6 times 2015 Ebitda (earnings before interest, taxes, depreciation and amortisation) of CDC and will be financed by a combination of internal funds and bank borrowings.