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ComfortDelGro to acquire remaining 49% stake in CityFleet Networks

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ComfortDelGro to acquire remaining 49% stake in CityFleet Networks

Samantha Chiew Published on Wed, Jun 28, 2017 / 6:11 PM GMT+8

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SINGAPORE (June 28): ComfortDelGro announced that it has entered into agreement to acquire the remaining 49% stake in CityFleet Networks (CFN) for a cash consideration of £7.9 million ($14 million) from its existing partner Cabcharge Australia.

This is based on a valuation of 5.6 times the FY2016 EBITDA of CFN.

Following completion of the stake acquisition, CFN will be a wholly owned subsidiary of ComfortDelGro.