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Spain's Avanza wins bid to buy Lisbon subway, bus carrier

Xinhua, June 20, 2015 Adjust font size:

Spain's second largest bus company Avanza won a bid to buy Lisbon subway and bus carrier Carris on Friday, the ministry of economy told Portuguese Lusa News Agency.

The source told Lusa that the sale of the state-owned companies will entail annual savings of over 25 million euros (about 28.25 million U.S. dollars) and 215 million euros during the concession period lasting eight months.

Portuguese Secretary of State of Transport Sergio Monteiro earlier this week said five candidates had presented bids to buy stakes in Lisbon subway and bus company Carris.

The government is selling state-owned companies as part a plan to reduce its heavy debt load after the 78 billion euro bailout package it signed in 2011 with the troika of international lenders, namely the European Commission, the International Monetary Fund and the European Central Bank. (1 euro = 1.13 U.S. dollars) Endit