(19 Oct 2023, 10:46 am)mb134 wrote I'd be a bit more optimistic. 

Realistically, given they also went after First, I think it's clear they want to invest in a public transport company and the opportunity with Arriva was probably appealing given how desperate DB seemed to be to sell. There isn't much left at Arriva to strip, I'd be massively doubtful of them being able to sell parts off individually for more than what they paid for them. 

As far as I can see majority of their investment has been in infrastructure, which from what I understand is much more suited to longer term, consistent returns. Selling parts of Arriva off to make a quick buck doesn't fit that at all.

Maybe it's the impending franchising, as Ambassador suggests? The business is of course more lucrative, if you've got a foothold in the market when a model of guaranteed income comes in.

Manchester are the first, but we know it's extremely likely to be announced in the North East next May, with other MCA regions following suit. Labour, when inevitably elected, have also promised to roll out this power to non-MCA areas.