London bus operator Arriva bought by US private equity firm

Arriva operates some London bus routes as well as the capital’s Overground rail network. Photograph: Marek Slusarczyk/Alamy

The London red bus operator Arriva has been snapped up by US infrastructure investor I Squared in a deal believed to be worth about €1.6bn (£1.4bn).

Arriva was put up for sale in 2019 by its German owner, Deutsche Bahn, which had originally sought to offload the company to reduce its own debts.