John Laing Group has unveiled plans to divest its 30 percent stake in the InterCity Express Programme (IEP) Phase 2 for £421 million ($544 million), according to Reuters. The buyer was AIP Management.
The total IEP fleet consists of 122 Super Express trains for the Great Western Main Line and the East Coast Main Line in the United Kingdom, according to John Laing’s website.
Reuters said the deal will be completed in two stages, with the first stage involving the sale of a 15 percent interest in IEP East for £203.4 million ($263 million) and the second stage for up to £217.6 million ($281 million).
Japan’s Hitachi owns the remaining 70 percent stake in the contract.