Australian transport and tourism company SeaLink Travel Group has completed the acquisition of Transit Systems Marine, the marine-transport division of Transit Systems, for AU$125m.

Transit Systems Marine business includes passenger and vehicular ferry services in south-east Queensland and in Gladstone. The purchase price includes vessels, land, plant equipment, all contracts, licences, intellectual property and goodwill.

Transit Systems Marine operates 33 vessels in Queensland at Gladstone, Southern Moreton Bay Islands and North Stradbroke Island. It operates contracted and non-contracted passenger and vehicular ferry services to Curtis Island, Moreton Bay Islands and holds a contract with the Queensland State Government to own and operate the Moggill Ferry on the Brisbane River.

SeaLink's Managing Director Jeff Ellison said that the acquisition was transformational for SeaLink as it was now the largest marine transport and tourism business in Australia.

Since the original announcement of the acquisition back on Sept. 18, Transit Systems Marine added two more operational contracts for the gas plants on Curtis Island near Gladstone, SeaLink said in a statement.

"We believe this is a game changer for the company because it has delivered broader expertise and an increase in our fleet from 27 to 60 vessels which creates significant opportunities for further expansion," Ellison said.