Downer sells 49% stake in Keolis Downer JV, secures AusNet contract extension
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The news: Infrastructure group Downer EDI has agreed to sell its 49% interest in the Keolis Downer joint venture for an enterprise value of $132 million.
The context: Downer and French transport company Keolis formed the joint venture in 2009, growing it to become a large-scale bus and light rail network operator.
The joint venture was classified as an asset held for sale at 31 December. The sale, which is subject to Foreign Investment Review Board approval and other customary conditions, is expected to take place in late 2025 or early 2026.
Separately, Downer announced that it has been awarded a three-year extension to its gas services contract with AusNet services, valued at around $200 million.
Commencing in April 2026, the contract extension will see Downer continue to provide operations, maintenance, asset replacement, capital works and meter reading services across AusNet's gas distribution network.
What they said: "The divestment enables a more focused approach to capital allocation — further enhancing balance sheet flexibility that supports potential future capital management initiatives," said Downer CEO Peter Tompkins.
