July 2, 2007 / 2:52 PM / 11 years ago

Transdev buys majority stake in Dutch bus firm

AMSTERDAM, July 2 (Reuters) - The Dutch Finance Ministry said on Monday it has reached a deal to sell a two-thirds stake in public transport company Connexxion to a group made up of French rival Transdev and Bank Nederlandse Gemeenteen [BNG.UL].

The ministry did not provide financial details. On Saturday, Dutch newspaper Financieele Dagblad reported the bidders paid 400 million euros ($537.8 million) for the stake, valuing Connexxion at 600 million euros.

The ministry plans to sell the rest of Connexxion after five years.

Last year British company FirstGroup (FGP.L) and Dutch Rabobank [RABN.UL] had shown interest in Connexxion.

Connexxion operates an extensive fleet of buses, vans and other vehicles for public transport in the Netherlands. Transdev is majority owned by French state-owned Caisse des Depots (CDC).

The sale is subject to approval from the European competition authority.

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