Arriva will pay 45p per share in TGM, representing a £10.3 million acquisition of the company. This equates to 70.97% steak in TGM and as such the controlling percentage. TGM shares closed at the end of business on Wednesday 19 December at 30.5p.
TGM was floated on the Stock Market in 2003 and sold its London bus operation to National Express Group two years later for £20.4 million. In 2004 Arriva's bus company in Colchester was sold to TGM who re-named it Network Colchester and operated it as a subsidiary of its Burtons Coaches company. In 2007 Arriva's Northumbria company withdrew from National Express operation seeing TGM subsidiary Classic Coaches operate the services between Newcastle-London, Newcastle-Cambridge and London-Southampton.