A new public transport operator to enter the Australian market
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Looks like Kinetic is getting a new owner, with global private equity firm TPG Capital set to buy the whole global business for an estimated price of just under $4 billion.
TPG Capital set to buy into multibillion-dollar bus group Kinetic
Sarah Thompson, Kanika Sood and Emma Rapaport
Oct 13, 2025 – 8.48am
TPG Capital is poised to buy Kinetic Group, the country’s largest bus operator which has since expanded internationally, nearly two years after its owners placed it up for sale with expectations of a $4 billion payday.
The Rise Fund, a social impact and energy transition investing unit inside the buyout giant, is in advanced negotiations to buy Kinetic, which was shopped with $500 million-plus earnings forecasts for the last financial year. People briefed on the matter said the deal was expected to be signed as early as this week, and would see Rise make its maiden investment in Australia.
TPG’s dealmakers are being advised by UBS’ Nick Alexander, while Kinetic’s owners – Canada’s OPTrust and Foresight Group – have engaged Macquarie’s Tom Butcher. Sources said Kinetic was expected to trade for less than $4 billion.
Full article (paywall): TPG to buy Kinetic: $4 billion deal expected this week
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