It is a joint venture between Keolis, the largest private sector French transport group, and Downer Rail, an Australian railway engineering company.

[2][3] Keolis Downer continued to use the Yarra Trams name, which had been used by the previous operator TransdevTSL.

[4][5][6] In September 2017, having substantially met performance criteria, the franchise was extended until 30 November 2024.

[11][12][13] In January 2021, Keolis Downer began an eight-year contract to operate the Adelaide Metro rail network.

[17][18] In October 2021, Keolis Downer Northern Beaches began an eight-year contract to operate Region 8, the Northern Beaches and Lower North Shore, of the Sydney Metropolitan Bus Service Contracts.