Transport for London has acquired public-private partnership tube upgrade contractor Tube Lines for £310m, as indicated last week on The Construction Index.
TfL will buy the stakes of Tube Lines shareholders Bechtel and Amey, bringing the construction work on the Jubilee, Piccadilly and Northern lines back in-house.
Mayor of London Boris Johnson said: “This deal is excellent news for London. Freed from the perverse pressures of the Byzantine PPP structure, I am confident that London Underground and private contractors are more than capable of delivering the improvements to London’s transport network we need, on time and on budget.
“There is much work ahead of us, but this arrangement provides the greater flexibility we so desperately need to minimise disruption to Londoners and businesses and ensures that this vital work will be delivered in a more cost effective manner.”