Bloomberg are reporting that TfL have now officially completed their buyout of Tube Lines for the sum of £310m.
The deal brings to an end the PPP maintenance and upgrade structure on the Underground, and sees Tube Lines become a wholly owned unit of TfL.
TfL have also entered into agreements to restructure £1.75bn of Tube Lines’ debt. Approximately £1.6bn of this will now be directly guaranteed by TfL (who were effectively indirectly guaranteeing it before anyway) and £135m paid off.
More details on the buyout and what it will mean for maintenance and upgrade work in real terms will likely emerge over the coming weeks. As it doeso, we will report them here.