FirstGroup has ousted Stagecoach from the SouthWest Trains franchise.
The DfT has awarded a seven-year contract, commencing on 19 August, to First MTR South West Trains Ltd, a joint venture of FirstGroup (70%) and MTR (30%). MTR runs the Hong Kong metro and operates the London Overground in a joint venture with Arriva.
Incumbent operator Stagecoach was the only remaining bidder in the competition.
The new operator will pay the Government a premium of £2.6bn net present value...
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