The sale of council-owned Islwyn Borough Transport to bus firm Stagecoach has gone through after being approved by auditors and the Office of Fair Trading.
The Scottish transport giant has bought the firm’s 33 buses and coaches from Caerphilly County Borough Council for an officially undisclosed sum, although it was reported by the South Wales Echo to be £2.65million.
IBT will continue to operate from a depot in Penmaen Road, Blackwood.
John Gould, managing director of Stagecoach in South Wales, said: “We will be looking to build on the strengths of the operation and we are looking forward to working with staff to attract more people to the benefits of greener, smarter bus travel.”
The deal now gives Stagecoach a 90% market share in the area.
This month the firm has had to introduce a slimmed-down timetable on many of its routes in Caerphilly County Borough because of falling passenger numbers in the recession.