ComfortDelGro is acquiring a London-based premium taxi provider to expand its presence in the United Kingdom.
The Singapore-listed company will buy Addison Lee, a U.K. private hire, courier and black taxi provider, for 269.1 million pounds, or $347.8 million, through its wholly owned subsidiary, CityFleet Networks.
The deal will allow ComfortDelGro, known for its affordable ride-hailing services, to extend its reach into the premium mobility market.
Addison Lee's 7,500 drivers and 5,000 vehicles will join CityFleet Networks' existing presence in the U.K., including fleets in Liverpool, the Wirral, Chester and Aberdeen. The deal will grow ComfortDelGro's global taxi and private hire network to over 34,000 vehicles.
Jefferies International is acting as Addison Lee's exclusive financial advisor for the deal, while Linklaters LLP is providing legal counsel.