RATP Dev UK and Tower Transit finalise new UK joint venture

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RATP Dev London and Tower Transit have announced that they have completed their UK tie-up on schedule and will operate under the new name of RATP Dev Transit London. Together the new company will operate 1,250 buses, serving 112 bus routes from 10 garages and will be among the leading electric bus operators with 27% of its fleet, some 300 buses, fully electric and an expected approximate 14% share of overall London public bus transport markets by the end of 2022. RATP Dev is the majority shareholder of the joint venture company.

The RATP Dev Transit London project was announced in September in response to what the partners called an increasingly competitive London bus market, which requires lower costs, greater investment, and market adaptation.

RATP Dev Transit London’s Managing Director Frank Fullick said: “RATP Dev Transit London looks forward to 2022 and to the exciting challenges of strengthening its footprint in West London, capturing synergies, completing its 2021-22 electrification programme, and working together to draw on the joint venture partners’ world best practices.”

Operators in the London bus market are experiencing stringent pressure on prices and on volumes. Meanwhile, strong increases in energy costs, employment taxes, and Covid-19 related costs are adding to the pressure. Under these difficult conditions, the company feels that size, a stronger footprint, best practice exchanges and increased efficiencies are the way forward. Together, RATP Dev London and Tower Transit Westbourne Park believe they will be in a better position to face the necessary investments to support the transition to new electric technology. RATP Dev Transit London said it looks forward to its partnership with TfL to support a greener London and further its low-emissions agenda for the benefit of its citizens and their mobility.

The new joint venture logo. RATP