In response to what they call ‘an increasingly competitive London bus market requiring greater investment and market adaptation,’ RATP Dev UK and Tower Transit announce today the formation of a new joint venture. Effective from December 2021, the new joint venture will see the two players in the London bus market come together in West London as RATP Dev Transit London. Under the terms of the joint venture agreement, RATP Dev will operate as the majority partner.
Under the London United, London Sovereign and the new London Transit brands, the joint venture will operate 115 routes from 10 garages in West London. Lea Interchange, in East London, will remain a separate Tower Transit entity.
Commenting, Mehdi Sinaceur, RATP Dev’s Senior Vice President for its United Kingdom, South Africa, and Americas Business Unit, said: “We are delighted to have reached a joint venture agreement with Tower Transit. Both RATP Dev London and Tower Transit are well established operators in West London and this partnership will increase our competitiveness, improve our cost base, further our commitment to electrification, enhance our offer to passengers and expand opportunities for employees. We look forward to working closely with our colleagues at Tower Transit to ensure the opportunities afforded by the partnership are fully realised.”
Paul Cox, Chairman of the Tower Transit Group and CFO of Tower Transit owner SeaLink Travel Group’s international operations, added: “This is a very exciting development for Tower Transit and its parent, the SeaLink Travel Group. The negotiation of this agreement has already proved a close working relationship can be achieved which will be mutually beneficial, with common vision and values existing from the outset.”
The deal is set to be finalised by December, with completion subject to conditions including consent from Transport for London and the grant of necessary operating licences.
