EBRD Lends $150 Million to Buyers of Istanbul Ferry Company

The European Bank for Reconstruction and Development will provide $150 million in financing to the new owners of Istanbul’s ferry network to help improve catering and introduce demand-based ticketing.

The lending is to TASS Denizcilik & Ulastirma Hizmetleri Turizm Sanayi & Ticaret AS, the group that took over control of the ferry company in June, the bank said today in an e-mailed statement.

The group led by Souter Investment LLP, owned by U.K.-based Stagecoach Group Plc (SGC) founder Brian Souter, and Turkish builder Akfen Holding AS (AKFEN) purchased the city’s ferry company for $861 million.

To contact the reporter on this story: Steve Bryant in Ankara at sbryant5@bloomberg.net

To contact the editor responsible for this story: Ben Holland at bholland1@bloomberg.net

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