CityFleet in £269.1 million Addison Lee acquisition

A transport operator has agreed a £269.1 million London taxi firm deal.

CityFleet Networks is set to buy Addison Lee.

Bosses say the move will bolster CityFleet Networks’ UK reach, with Addison Lee’s 7500 London-based drivers and 5000 vehicles joining existing private hire and black taxi fleets across Liverpool, Wirral, Chester and Aberdeen.

It also adds another name to CityFleet Networks’ owner ComfortDelGro Corporation’s portfolio, which already includes London’s Metroline buses and Westbus coaches, Wales’ Adventure Travel buses and coaches, and the Megabus, Scottish Citylink and Irish Citylink services. 

Mark Greaves, ComfortDelGro Corporation’s chair, said: “We will use Addison Lee’s strong brand, customer base and reliable premium driver network to continue creating great journeys for our customers and the communities we serve.

“And with 90 per cent of their existing fleet already made up of cleaner energy vehicles, this will help accelerate our fleet transition journey.” 

Under the terms of the deal, Addison Lee chief executive Liam Griffin and fellow key management team members will remain at the firm.

He said: “ComfortDelGro is a perfect fit for us.

“They share our philosophy, vision and ambition for the Addison Lee brand, and bring significant international industry expertise to the business.” 

Jefferies International acted as Addison Lee’s exclusive financial advisor on the deal, with Linklaters LLP acting as legal advisor. 

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