Private equity fund Templewater buys Citybus and New World First Bus in HK$3.2b deal

An international consortium led by Templewater Bravo Holdings has acquired New World First Bus Services and Citybus from NWS Holdings in a HK$3.2 billion deal.

NWS, the flagship of New World Development, said NWFB and Citybus have more than 1,700 buses and operates about 200 routes.

The companies employ 5,000.

Templewater Bravo's consortium includes operating partner Ascendal Group, and investor partner Hans Energy Company.

Templewater Bravo is an investment holding company advised, managed and controlled by Templewater I, G.P., which is wholly-owned by Templewater Holdings. Templewater is an alternative investment firm founded by Investec Bank plc and Cliff Zhang.

Templewater Bravo will own more than 90 percent of NWFB and Citybus post acquisition.

NWS chief executive, Eric Ma said the transaction is in line with the group’s strategy of optimizing its business portfolio to achieve sustainable long-term growth, prudent risk management and value for all stakeholders.