Macquarie Bank has been out on another spending spree, this time for London buses.

The owner of the Steam Packet Company has spend two hundred and sixty four million pounds buying up the city’s fifth largest bus company.

Stagecoach owns and leases 1,300 buses, employs 4,300 staff and owns 10 bus depots and more than 80 route concessions.

The Australian bank will provide seventy two million pounds of equity and fund the rest of the acquisition with debt.

Macquarie is also looking at making bids for Hong Kong telco PCCW and British port operator AB Ports, and last week its infrastructure group released the prospectus for its $1.1 billion Sydney Road Groups spin-off.