The Stagecoach Group has agreed to sell its London bus operations to Australia’s Macquarie Bank for 260 million GBP.
Stagecoach London’s operations comprises two companies that provide bus services on routes within and from London, principally under contract from Transport for London.
Announcing the deal Brian Souter, Chief Executive of Stagecoach, said ” London bus operations have been a highly successful part of Stagecoach’s UK Bus division since 1994.
After assessing Macquarie’s offer and the prospects for the London bus operations, we concluded that the disposal was in the best interests of our shareholders.”
The management team of Stagecoach London led by Nigel Barrett (Managing Director Designate) will remain with the company.
The deal, which is subjected to regulatory approval, is expected to be completed within 3 months.