Amey has announced that it has reached financial close in the sale of its equity in Tube upgrade contractor Tube Lines to Transport for London (TfL).
Amey along with its partner in the contract Bechtel have sold their interests in Tube Lines to TfL for a total of £310M.
During the first seven and a half years of the Tube Lines contract with TfL, Amey has been responsible for the maintenance and Bechtel the capital improvements projects on the Jubilee, Northern and Piccadilly lines.
Amey will continue to manage the delivery of around £300M of maintenance services for Tube Lines per year for the next 7.5 years.
The sale effectively ends the Tube PPP. Metronet, which was responsible for the remainder of the Tube network, went into administration in 2008. The whole of the Tube upgrade programme is now the responsibility of Transport for London and its subsidiary London Underground.