Hong Kong-based MTR Corporation is taking complete ownership of the rolling stock maintenance activities of Sweden's Stockholm Metro after acquiring the remaining 50% stake in Tunnelbanan Teknik Stockholm from its joint venture (JV) partner Mantena.
MTR Stockholm (MTRS) is a wholly owned subsidiary of MTR Corporation, which started the JV with Norwegian rolling stock maintenance company Mantena in 2009.
Following completion of the acquisition, Tunnelbanan Teknik Stockholm will be renamed as MTR Tech.
MTR Corporation CEO Lincoln Leong said: "This purchase will bring rolling stock maintenance for Stockholm Metro fully under MTR's management and enables us to continue to deploy the very best of our extensive maintenance expertise and experience for the benefit of our passengers.
"Since taking over Stockholm Metro in 2009, we have delivered strong improvements in operational and customer service performance, including lifting punctuality to a record high of over 97%.
"With our concession having recently been extended to 2023, we aim to continue to deliver high-quality service for our passengers in Stockholm."
The acquisition will be undertaken by MTR's wholly owned subsidiary MTR Nordic.
It was approved by the boards of Mantena and its parent company, Norges Statsnamer.
The deal will conclude following the receipt of approval from the Swedish Competition Authority.
This move comes after MTRS's concession was extended last September to operate the Stockholm Metro for another six years until 2023.
MTR Corporation also runs the MTR Express intercity service in Sweden that connects Stockholm with Gothenburg.
Image: MTR Corporation purchases the remaining 50% stake from Mantena to gain complete ownership of Stockholm Metro. Photo: courtesy of MTR.