London taxi operator Addison Lee buys rival Cyclone VIP Cars & Couriers

By Ankush Sharma (Reuters) - Carlyle Group LP-owned London taxi operator Addison Lee said it has bought rival Cyclone VIP Cars & Couriers. The company said buyout of Cyclone, which was formed in 1985 and has about 100 drivers, would strengthen its position in the London private-hire market. No financial terms were disclosed on the deal, which was the ninth buyout for the taxi operator in five years. Last year, Addison Lee was being considered for a $1.3 billion (0.87 billion pound) takeover by Singapore-based public transportation operator SMRT Corp Ltd. Private equity firm Carlyle Group bought a significant stake in the company in 2013, which provides private hire services in London and the South East of England, for 300 million pounds ($447.90 million) (Reporting by Ankush Sharma in Bengaluru; Editing by Lisa Shumaker)