(Bloomberg) ? Train operator GNER Holdings Ltd., a unit of Bermuda-registered Sea Containers, has partnered with John Laing, a UK infrastructure services company, to bid for Britain?s new Greater Western rail franchise, which will generate an estimated ?550 million ($934 million) in annual revenue. Laing shares rose.

The Greater Western franchise is to begin operations in 2006 and will combine rail services in southwest England, south Wales and the Thames valley, London-based Laing said in a Regulatory News Service statement.

Laing already operates Chiltern Railways, which runs regional and commuter trains from London to Birmingham, central England.

GNER, a unit of Sea Containers Ltd., currently operates the Great North Eastern Railway franchise between London and Scotland.

?Both partners have proven track records of successfully investing to improve their franchises and delivering an efficient and reliable service to customers,? said Laing Chief Executive Andy Friend in the statement.

Shares of Laing rose as much as 6.5 pence, or 3.9 percent, to 172.75 pence, and were trading at that price as of 9:07 a.m. in London. The stock has risen 68 percent this year, giving the company a market value of 305 million pounds.

The UK?s Thames Trains, First Great Western and Wessex franchises are being combined as part of a plan to reduce the number of train operators and improve reliability, scheduling, cleanliness and personal security.

FirstGroup Plc was named preferred bidder earlier this month to take over the Thames Trains franchise from Go-Ahead Group Plc from April 1 until the winner of the Greater Western contract is decided.

Sea Containers, based in Bermuda, also operates ferry boats and makes and leases containers for marine cargo.