Stagecoach has made a dramatic return to the London bus market, buying back the 1,400-vehicle East London business it sold to a Macquarie-led consortium in 2006.
The deal was done the day that Macquarie and its partners put East London Bus Group (ELBG) into administration. It saw Stagecoach acquire the business debt free for £53m, despite its assets being valued at £150m. The sale price was a fifth of the £265m Macquarie paid Stagecoach at the height of the boom in debt...
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