Transport for London to acquire the shares of Tube Lines

Mayor of London, Boris Johnson and Transport for London today set out a revised arrangement that will enable London Underground (LU) to work with the private sector, including Amey, to deliver vital Tube improvements, as they announced that they have entered into an agreement to buy the shares of Bechtel and Amey (Ferrovial) in Tube Lines for £310m.

The agreement, when concluded, will involve no extra financial call on the Government, London's fare payers or taxpayers in relation to the upgrade of the Tube.

Freed from the complex Public Private Partnership (PPP) structure, TfL is also confident of generating substantial savings, with greater flexibility to manage the Tube upgrade programme, alongside all the other improvements being delivered across London's transport network.