GERMAN transport operator Deutsche Bahn has completed its acquisition of bus and train operator Arriva.
Deutsche Bahn yesterday announced the completion of the deal, valued at £1.6 billion and trading in Arriva’s shares has now ceased.
Its chief executive, Dr Rüdiger Grube had earlier said he was “placing his hopes in Sunderland and its existing management team”.
Arriva, which runs bus and rail services in the UK and 12 countries on the Continent, had agreed to the 775p a share deal which will make it a wholly-owned subsidiary of the German group in April.
Arriva, which employs 150 staff at its Sunderland headquarters employs more than 44,000 staff including around 2,000 in the North East, made a £121.7m profit last year and had a £3.1m turnover.
Deutsche Bahn, which took over operation of the Tyne & Wear Metro on April 1, already owns English, Welsh and Scottish Railway, Britain’s biggest rail freight company, and operates the British Royal Train, Chiltern Railways and London Overground in the UK.
The state-owned business has a turnover of £30.3 billion, operates in 150 countries and employs more than 240,000 people.