Invest News DetailStar - The agreement to finalize the privatization of the Istanbul Ferry Lines (IDO), a subsidiary of the Istanbul Metropolitan Municipality, was signed yesterday between the winning consortium and municipality officials, thus closing the USD 861 million deal. “The income from the transaction will be used for new transportation projects in Istanbul,” said Ahmet Selamet, acting Mayor of Istanbul, at the signing ceremony held at the Halic Congress Center. IDO was put on sale by the municipality in January as part of a larger privatization program that is expected to continue with the gas distribution company IGDAS later this year. The Tepe-Akfen-Souter-Sera joint venture group won the tender for the company’s operating rights with a USD 861 million bid. The group aims to improve IDO’s maritime transportation services with the addition of new lines and infrastructure upgrades. The company operates 42 vessels of various kinds transporting ferry passengers and cars between 32 destinations in Istanbul and nearby locations.