SeaLink Travel Group Limited entered into binding agreements to form an incorporated joint venture with RATP Dev UK Ltd, to be called RATP Dev London Transit Ltd. ("RDLT"). The scope of the Transaction relates to SeaLink's current West London public bus transport service operations conducted by its wholly owned subsidiary Tower Transit Operations Ltd. ("TTOL"). The Westbourne Park London TTOL bus operations and those of London United Busways Limited and London Sovereign Limited are proposed to be acquired by RDLT on completion of the Transaction, with TTOL's immediate parent Tower Transit Ltd. then holding a 12.5% interest in RDLT (the joint venture company). The Transaction includes the following: Divesting contracts, staff and operating assets associated with the Westbourne Park London bus transport operations into the new joint venture, except the freehold Westbourne Park property which will be sub-leased to RDLT for a term of up to 40 years; At completion of the Transaction, SeaLink will contribute net assets of around £500,000 including its interests in TTOL contracts for eight London routes for bus services operated out of the Westbourne Park depot in exchange for the initial 12.5% interest in the joint venture company; SeaLink to have representation on the RDLT Board; and Co-branding of the joint venture assets. Management, staff and assets associated with TTOL London operations at Lea Interchange (currently operating ten routes with two more awarded) are not included in the initial operations to be transferred into the RDLT joint venture and options for this asset are still being analysed, with an outcome expected in a similar time frame to the completion of the Transaction. The Transaction is targeted for completion in December 2021. Completion of the Transaction is subject to certain conditions precedent including: Third party customer consents from Transport for London; Grant of necessary operating licences and consents from relevant traffic regulatory authorities; Consents for transfer and leasing of relevant property rights required to effect the Transaction and for RDLT to undertake the proposed operations at the relevant properties following completion; Financier consents to novation of existing bus leasing and financing arrangements to RDLT and establishing new corporate facilities for RDLT; and SeaLink financier consents for the restructure of its interests and assets as a result of the Transaction. Following completion of the Transaction, other than indemnities proportional to its proposed 12.5% interest in the joint venture in favour of RATP Dev group companies who are responsible for RDLT financing and performance arrangements, the joint venture will operate on a `standalone' basis and SeaLink will have no obligations to make further capital contribution to RDLT.