I Squared to Acquire Deutsche Bahn’s Arriva Transport Unit

I Squared Capital agreed to buy Deutsche Bahn AG’s Arriva transport business, which operates London’s iconic red double-decker buses.

The Miami-based infrastructure investment firm is expected to complete the deal in 2024, according to a statement published on Thursday. Financial details were not disclosed. Bloomberg News reported in August that I Squared was in exclusive talks to buy Arriva at a valuation of about €1.6 billion ($1.7 billion).

Sunderland, England-based Arriva runs bus and train services in Britain and several continental European countries. As well as some London buses, it operates the London Overground network of suburban rail services ...