LONDON (dpa-AFX) - Stagecoach (SGC.L) said its subsidiary, Stagecoach Bus Holdings Limited, has entered into binding agreements to acquire Kelsian Group's east London bus operations and depot at Lea Interchange for total consideration of 20 million pounds. Upon completion, 10 million pounds will be payable, with a further 1 million pounds per annum payable for ten years.
Lea Interchange depot operates eleven contracts on behalf of TfL using a fleet of around 150 buses, with an annual turnover of around 38 million pounds. The Group noted that the acquired depot provides a positive platform to bid for new contracts in the area over the short and medium term.
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