- Amey, subsidiary of Ferrovial Servicios, will obtain approximately 206 million pounds from the sale of 66.7% of Tube Lines.
- Amey will continue to maintain the Jubilee, Northern and Piccadilly lines in the long term.
- Santiago Olivares, CEO of Ferrovial Servicios: "This agreement with TfL enables us to continue working on a contract in which we have shown we can add considerable value and greatly improve service quality."
Amey, subsidiary of Ferrovial Servicios, has reached an agreement to sell its 66.7% stake in Tube Lines to Transport for London (TfL) for 206 million pounds sterling. Amey will continue to be linked to London Underground under a contract to maintain the lines currently managed by Tube Lines: Northern, Jubilee and Piccadilly.
The company's other shareholder, US company Bechtel, has also sold its stake to TfL. Tube Lines has been upgrading and maintaining those three lines, which represent approximately 40% of the passengers that use the London Underground, since 2003.
Amey will continue working for TfL after completion of the transaction, which is scheduled for June. The UK subsidiary of Ferrovial has reached an agreement with London Transport to manage and maintain the three lines for seven-and-a-half years, with the possibility of an extension. TfL will directly take charge of investment in upgrading infrastructure on the three lines. It will consequently have more flexibility to undertake work and align the pace of the work with network needs.
Transport for London has been managing the rest of London Underground since the bankruptcy of Metronet. Santiago Olivares, CEO of Ferrovial Servicios, said: "This agreement with TfL enables us to continue working on a contract in which we have shown we can add considerable value and greatly improve service quality."
"The deal is beneficial for both parties: Amey retains a long-term contract with an important client, TfL, and the latter can adapt its timing and needs to its budget," added Santiago Olivares.
Amey has significantly improved service on London Underground in the last seven years. Since the contract began in 2003, the company has refurbished 85 of the 100 stations on the three lines under its management and upgraded over 100 kilometers of track.
Mel Ewell, Chief Executive of Amey commented: We are incredibly proud of our record over the last seven and a half years and the results we have achieved including a significant reduction in delays across all three lines, increased reliability whilst reducing costs by up to a third. We look forward to building on these achievements and further strengthening our partnership with TfL so that together to deliver a world-class transport service to the people of London.
Quality of service has improved greatly as a result: delays on the three lines have been cut by 57% and reliability has improved by 70% on the Piccadilly line, 65% on the Northern line and 17% on the Jubilee line. Additionally, Amey has significantly improved employee safety. Accident rates in work on the Underground have been cut from 1.4 accidents per million person-hours in 2003 to 0.08 at present. actualidad.