Oct 14, 2014

    SMRT not bidding for London taxi firm Addison Lee

    SINGAPORE public transport operator SMRT said yesterday it has decided not to make a bid for Addison Lee, London's biggest taxi firm.

    Britain's Sky News reported on Saturday that SMRT was considering a bid of £800 million (S$1.6 billion) for Addison Lee, which is being put up for sale by its private equity owner, the Carlyle Group.

    SMRT said in a statement to the Singapore Exchange that it was approached by an investment bank about the possible sale of Addison Lee.

    "Having considered the matter, the company has decided not to make a bid at this stage to acquire Addison Lee," SMRT said.

    But it said that the company "is constantly looking out for investment opportunities that contribute to sustainable growth for its stakeholders".

    SMRT is 54 per cent owned by state-linked investment firm Temasek Holdings. It operates the MRT system and has a fleet of buses and taxis.

    In 1997, Singapore's largest taxi operator ComfortDelGro acquired British cab firm Comcab.