14 Apr 2011

Souter buys up Turkish public transport

Souter Investments (SI) – the investment vehicle owned by Stagecoach Group founder Brian Souter – and three Turkish partners have won an auction to buy the Istanbul ferry company IDO from the government for $861 million (£527.3m). The company operates 52 vessels on 19 lines. Because of Istanbul's congested roads, many commuters use the ferries to get around. Besides IDO, the Turkish government is also privatising many of its other assets, including highways and bridges.
In early March, Souter decided to withdraw from the bidding for the Gourock-to-Dunoon ferry route to concentrate on the eastern European transport market. He also runs Fullers Ferries, the leading ferry company in Auckland, New Zealand. 

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