As reported by CBW
https://www.facebook.com/share/p/zaCqktsRdDSeVzYM/
QuoteBREAKING NEWS
FirstBus set to return to London with latest deal
FirstGroup has this morning announced that it is to acquire RATP Dev Transit London.
The acquisition will see the Group re-enter the London bus market in a strong position and will further grow and diversify the Group's revenue. RATP London is one of the principal bus operators in the capital, with a c.12% market share, comprising:
· 10 depots across Central and West London (four owned and six leased);
· a fleet of c.1,000 buses of which a third are fully electric;
· c.3,700 employees over 80% of whom are drivers
· c.90 Transport for London route contracts
Graham Sutherland, FirstGroup Chief Executive Officer said: "This is a significant acquisition for the Group that will diversify our portfolio and materially grow our earnings in the medium term. It allows us to enter the London bus market at scale and will also bolster our credentials as we participate in future franchising opportunities across the UK.
"We look forward to continuing to build on our relationship with TfL and welcoming RATP London's employees into the Group, to continue the transformation of the business and to capitalise on the growth potential in the London market."
The acquisition builds on the Groups return to London after its recent purchase of Anderson Travel.
RAPT London is currently one of the weaker London bus businesses, they face stiff competition from ComfortDelgro (Metroline) & Transport UK (formerly Abellio) for TfL work.
Assume RAPT were looking for the exit & why First Group have only paid enterprise value.
First will own Westbourne Park (X) for the 2nd time, once formerly part of First London up too 2013.
It's believed they'd written off the RATP London operations. Don't expect any significant alterations in terms of signwriting and fleetnames before the second half of the year-I had asked that question elsewhere.
First Bus London launches as landmark acquisition completes 28/02/2025
FirstGroup plc has today announced the completion of its acquisition of RATP Dev Transit London, which will now operate as First Bus London, marking the Group's entrance into bus operations in London. The strategic move, first announced on 10 December 2024, will see First Bus London join First Bus, which will strengthen the latter's position as a leading provider of sustainable bus operations in the UK and Ireland.
https://news.firstbus.co.uk/news/first-bus-london-launches-as-landmark-acquisition-completes (https://news.firstbus.co.uk/news/first-bus-london-launches-as-landmark-acquisition-completes)