Arriva acquires Spanish bus operator

Leading European passenger transport group Arriva plc, todayannounced the acquisition of Spanish bus operator Esfera for aninitial payment of Euro 3.7 million (£2.6 million).

Esfera is a privately-held company operating 27 buses in Madridwith revenue of Euro 2.5 million (£1.7 million).  Thebusiness employs 34 people and provides a range of successfulschool contracts and private hire bus services.

David Martin, chief executive of Arriva plc, said:

This acquisition increases our presence in the Spanishtransport market. It will provide opportunities for further organicgrowth as public transport in Madrid and other major Spanish citiesgradually opens up for tendering. We look forward to working withthe local management team to develop Esfera.

Subject to the business achieving specific key growth targets, afurther payment of up to Euro 1 million (£0.68 million) willbe made.