Stagecoach exits Twin America joint venture.
Passenger transport operator Stagecoach Group confirmed on Tuesday that it has sold its interest in the Twin America joint venture for an undisclosed sum.
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The FTSE 250 firm said Twin America was a joint venture between Stagecoach North America and City Sights, which began operating on 31 March 2009.
It principally operates sightseeing bus services in New York City.
“Stagecoach North America, which held 50% of the voting rights and 60% of the economic rights of the joint venture, has sold its interest to its joint venture partner City Sights,” its board said in a statement.
Completion of the transaction was not subject to any regulatory approval.