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Sir Brian Souter in buy-out of Turkish ferry operator | Sir Brian Souter in buy-out of Turkish ferry operator |
(40 minutes later) | |
Stagecoach transport mogul Sir Brian Souter has led a buy-out of Istanbul's main ferry operator for £528m. | Stagecoach transport mogul Sir Brian Souter has led a buy-out of Istanbul's main ferry operator for £528m. |
The sale by the Turkish city's government includes 52 vessels that transport more than 50 million people each year, across the Bosphorus and around the Sea of Marmaris. | The sale by the Turkish city's government includes 52 vessels that transport more than 50 million people each year, across the Bosphorus and around the Sea of Marmaris. |
The chief executive of Stagecoach transport group used his investment company to lead the buyout. | The chief executive of Stagecoach transport group used his investment company to lead the buyout. |
His investor group has a 30% stake in Istanbul Deniz Otonuslen (IDO) ferries. | His investor group has a 30% stake in Istanbul Deniz Otonuslen (IDO) ferries. |
Souter Investments is partnered by Ann Gloag, Sir Brian's sister and co-founder of Perth-based Stagecoach, Edinburgh financier Sir Angus Grossart and three Turkish-based companies, including the operator of the country's largest airport. | Souter Investments is partnered by Ann Gloag, Sir Brian's sister and co-founder of Perth-based Stagecoach, Edinburgh financier Sir Angus Grossart and three Turkish-based companies, including the operator of the country's largest airport. |
The sale, denominated in US dollars at $861m, includes 25 sea buses, 19 fast ferries and 17 conventional ferries. | The sale, denominated in US dollars at $861m, includes 25 sea buses, 19 fast ferries and 17 conventional ferries. |
There are nine inter-city and five inner-city lines serving 35 piers, with sales last year of £142m. | There are nine inter-city and five inner-city lines serving 35 piers, with sales last year of £142m. |
'New heights' | 'New heights' |
Newly-knighted Sir Brian said: "I am confident we will take IDO to new heights of success by improving everything from fast ferry frequency to catering. | |
"Our goal is to ensure motorists opt for seabus and ferry transportation, rather than making long and frustrating road journeys in and around the congested Istanbul road network." | "Our goal is to ensure motorists opt for seabus and ferry transportation, rather than making long and frustrating road journeys in and around the congested Istanbul road network." |
Souter Investments also owns two urban bus companies and a ferry operator in New Zealand. | Souter Investments also owns two urban bus companies and a ferry operator in New Zealand. |
Last week, the investment firm launched a new express coach service between Berlin, Bratislava, Prague and Vienna. | Last week, the investment firm launched a new express coach service between Berlin, Bratislava, Prague and Vienna. |
Souter Investments extend to stakes in yacht-builder Sunseeker International, insurance company esure and the price comparison website gocompare.com. | Souter Investments extend to stakes in yacht-builder Sunseeker International, insurance company esure and the price comparison website gocompare.com. |
Other competitors for the IDO ferry operator included international ferry operator Stena and Turkey's largest conglomerate, Koc Holding. | Other competitors for the IDO ferry operator included international ferry operator Stena and Turkey's largest conglomerate, Koc Holding. |
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