Addison Lee has spent around £30 million on a taxi company to help it go global

Addison Lee, the London-based private taxi company, has acquired executive car service Tristar International to help it expand its business in the US, Asia, and Europe.

The deal is worth around £30 million, according to a source.

Founded in 1978, Tristar has 450 "chauffeurs" globally and an annual turnover of £50 million, according to Addison Lee, which was founded three years earlier.

Together the legacy taxi companies will boast around 1,000 premium vehicles globally, making the new firm one of the biggest operators in the executive car market.

However, when it comes to driver headcount, Addison Lee is dwarfed by several younger players including taxi-hailing app Uber, which had 327,000 drivers on its platform in the US alone at the end of last year. They drive everything from the well-known Toyota Prius vehicles right up to the more expensive BMW 7 series model.

Addison Lee CEO Andy Boland said in a statement: "With Tristar, we will be able to take our service to the next level and into new markets around the world. For the customers of both companies this means a better and more efficient experience and a global service."