50:50 venture wasn't generating profits and had been the subject of a legal battle vs the US Gov
Companies: Stagecoach Group plc
Scottish bus operator Stagecoach Group announced on Wednesday that it has sold its stake in struggling American tour operator Twin America, for an undisclosed fee.
The deal brings an end to Stagecoach's joint venture with City Sights, which began in March 2009.
Through its America subsidiary, Stagecoach North America, it had held 50% of the voting rights and 60% of the economic rights of the venture.
Stagecoach had warned investors that Twin America had not made any "material profits" in the second half of last year, attributing the decline to competition and economic conditions.
The deal has been the subject of controversy in the United States, with the US Justice Department and the New York State Attorney General launching a lawsuit after claiming it was anti-competitive.
Shares in Stagecoach opened up 2.5% early on Wednesday before falling back.