TDI, part of the General Electric group in the US, has purchased Buspak UK, which was 50 per cent owned by Independent Newspapers. The other 50 per cent was held by Mr Peter Cosgrove. No consideration has been disclosed but it is not a material sale by Independent Newspapers.

Buspak UK was set up by Independent Newspapers and Mr Cosgrove in 1992. It has made modest profits since 1994. It has been expanding and has almost 50 per cent of the advertising on British double decker buses.

Independent Newspapers still has an indirect 25 per cent stake in Buspak in Australia through its holding in APN.