Multinational transport group ComfortDelGro Corporation Limited has announced that its wholly-owned subsidiary CityFleet Networks is acquiring Addison Lee, London's premium private hire, courier and black taxi provider, for £269.1 million.

ComfortDelGro said this acquisition serves as a catalyst for the company's expansion into an attractive premium mobility segment.

The multinational transport group hopes this will strengthen its overall point-to-point proposition in the UK and globally.

Upon completion, 7,500 drivers and 5,000 vehicles from Addison Lee's London-based network will complement CityFleet Networks' existing private hire and black taxi fleets elsewhere in the UK, including Liverpool, the Wirral, Chester and Aberdeen.

ComfortDelGro's Managing Director/Group CEO, Cheng Siak Kian, said: "Addison Lee is an established leader in serving the differentiated premium segment in London.

"Beyond expanding our footprint in the UK, this acquisition will enable us to use Addison Lee's expertise to deepen and scale our premium point-to-point capability globally.

"It will also strengthen our overall point-to-point proposition, creating strong synergy with our existing businesses."

Additionally, ComfortDelGro said it will provide pre-planned and on-demand ground transportation to businesses, as well as private and ride-share transfers to airports, bus and train stations and ports through its recently acquired business, CMAC.

Liam Griffin, CEO of Addison Lee, said: "Over the last four years, ComfortDelGro has demonstrated its deep knowledge of the business, and a clear understanding of our customers' and drivers' needs.

"This, alongside the strength and heritage of the Addison Lee brand, has positioned us perfectly for further expansion into the premium segment."

ComfortDelGro Chairman, Mark Greaves added that 90 percent of Addison Lee’s existing fleet is already made up of cleaner energy vehicles and that this will help accelerate the company’s fleet transition journey.         

The Group also owns and operates Metroline buses and Westbus coaches in London, Adventure Travel buses and coaches in Wales, as well as the Megabus, Scottish Citylink and Irish Citylink inter-city coach services.

The addition of Addison Lee will grow the Group's taxi and private hire network to more than 34,000 vehicles globally.