The Kelsian Group Ltd (ASX: KLS) share price is in focus after the company announced that SeaLink Rottnest will no longer be sold as part of its planned $161 million Tourism Portfolio transaction. The original deal with Journey Beyond has now been revised, with the remaining Tourism Portfolio considered for sale at $145.8 million.
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What did Kelsian Group report?
- SeaLink Rottnest has been removed from the assets to be divested to Journey Beyond.
- The revised agreed consideration for the Tourism Portfolio sale is $145.8 million.
- Sale completion remains subject to ACCC and FIRB approvals and other conditions.
- Kelsian continues to operate SeaLink Rottnest as a standalone, profitable commuter ferry business.
What else do investors need to know?
Kelsian's decision means SeaLink Rottnest will stay within the group, continuing to operate alongside other marine ferry services across Australia. This adjustment follows feedback in the regulatory approval process and aims to strengthen the case for ACCC approval of the remaining transaction.
The sale of the updated Tourism Portfolio, valued at $145.8 million, is still subject to standard regulatory and contractual consents. Kelsian is working with Journey Beyond to satisfy these conditions and expects the sale process to complete in the first half of FY27.
What did Kelsian Group management say?
Kelsian Group CEO, Graeme Legh said:
SeaLink Rottnest is a profitable standalone, commuter ferry business with a strong brand. Kelsian intends to continue to operate SeaLink Rottnest alongside its other marine ferry operations across Australia, including the Transperth commuter ferry operation in Western Australia, which was not part of the original Tourism Portfolio sale
Having removed SeaLink Rottnest from the transaction perimeter, we are confident we have a compelling case for ACCC approval of the remaining Tourism Portfolio transaction. We continue to expect the sale to complete in 1HFY27.
What's next for Kelsian Group?
Looking ahead, Kelsian remains focused on finalising the Tourism Portfolio divestment, minus SeaLink Rottnest, as well as maintaining and growing its ferry operations. Keeping SeaLink Rottnest allows Kelsian to further leverage its strong position in marine transport, supporting the group's broader strategy.
The company will continue to work closely with regulators and partners to achieve all required approvals and deliver value to shareholders through its refreshed portfolio.
Kelsian Group share price snapshot
Over the past 12 months, Kelsian Group shares are flat, slightly trailing the All Ordinaries Index (ASX: XAO), which has risen 1% over the same period.
