Arriva Group, a provider of passenger transport across Europe, is selling its bus business in Portugal — Transportes Sul do Tejo (TST) — as part of a forward-looking strategy to operate a tighter portfolio and remain competitive for the long term.
Dan Group, Israel's second-largest transport company, is the buyer.
“TST has been part of the Arriva Group for around 20 years, and we have a long track record of providing high quality sustainable transport services in the City of Lisbon,” said Mike Cooper, CEO of Arriva. “Dan Group — with its long and strong history of partnering with local transport bodies and building its capability and footprint in Israel — is well-positioned to develop the business in Portugal and further its market presence.”
The transaction is expected to reach completion in late August 2022. Financial terms were not disclosed.
