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Last Updated: Friday, 23 June 2006, 07:31 GMT 08:31 UK
Stagecoach sells London bus firm
Bus lane markings
London wants to improve and increase its bus services and routes
Australia's Macquarie Bank has agreed to buy the London bus operations of coach and train company Stagecoach.

Macquarie, which is also looking to buy UK shipping firm Associated British Ports, will pay 263.6m ($486m).

Stagecoach's London business runs 1,300 buses over 80 routes and has 4,300 staff. Most of the unit's work is contracted to Transport for London.

Stagecoach said it will look to expand its bus business in regions including Yorkshire, Tayside and Lincolnshire.

Chief executive Brian Souter said that: "After assessing Macquarie's offer and the prospects for the London bus operations, we concluded that the disposal was in the best interests of our shareholders."

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