Hogan Lovells advises RATP Développement on its divestment of RATP Dev Transit London

RDTL (now First Bus London) operates circa 90 routes on behalf of TfL. These route contracts typically have a seven year maturity with on average, circa 13 contracts in the portfolio renewed each year. As the route contract portfolio evolves over the next five years, the Group anticipates that annual revenues will grow to £300-350m, with operating margins in line with historical norms in London of circa 6-7%.  

The business operates 10 depots across Central and West London (4 owned, 6 leased) with a fleet of around 1,000 busses (the most electrified bus fleet in the country) with around 3,700 employees.

The sale aligns with RATP Développement’s focus on its urban rail strategy – in particular driverless metro and high-capacity commuter rail and in markets where the company has significant multimodal presence. 

Hogan Lovells’ multimodal Transportation practice works with the world’s leading transportation companies to solve the industry’s most complex regulatory and business issues, across all modes, around the globe. The firm continues to advise on the most significant UK infrastructure transactions, leveraging deep industry insight and a broad client base to drive deals efficiently.

The team was led by Infrastructure, Energy, Resources, and Projects (IERP) counsel Charles Ford, with support from Imogen Walsh, Amy Cleaves (senior associates, IERP) and Nathan Seedall (associate, IERP). 

Paris-based partners Stéphane Huten (Private Equity), Christine Le Bihan-Graf (Energy Regulatory), Bruno Cantier (IERP) and Maxime Gardellin (senior associate, Energy Regulatory) advised on French public law aspects.