SMRT considering $1.6 billion bid for London taxi firm: Sky News

This article is more than 12 months old

Oct 12, 2014 01:53 pm

Singapore public transportation operator SMRT Corp Ltd is considering an 800 million pound (S$1.64 billion) takeover bid for unlisted British taxi company Addison Lee, Sky News said on Saturday.

Sky News, which did not cite a source, said SMRT is at the early stages of considering an offer.

Addison Lee, which was founded by former cab driver John Griffin with a single car in 1975, now handles 10 million passenger journeys annually, with more than 4,000 drivers on its books.

SMRT, which operates Singapore subway lines and has bus and taxi services, did not confirm or deny the report.

“SMRT constantly looks out for investment opportunities that contribute to sustainable growth for our stakeholders,” Benny Lim, its managing director for roads, said in an e-mail response.

Private equity firm Carlyle Group, which bought a significant stake in Addison Lee last year, did not immediately respond to an e-mail seeking comment. - Reuters