National Express operator Mobico has agreed to be taken over by Spanish transport group Autobuses de Leon (AdL) in a £308m deal. The company's shares surged more than a tenth during early trading on Friday after management announced they had accepted the offer, made via AdL's Leita Mobility subsidiary.
Deal terms and valuation
AdL has committed to paying 46p per share to investors in the Birmingham-headquartered transport firm. The transaction values Mobico at approximately £2.3 billion once its substantial debt burden is factored in.
Spain's AdL is supported by investment firm Asterion Industrial Partners and CMC Group, which holds Mobico's largest shareholding at roughly 26%.
Company background and recent disposals
Mobico has streamlined its operations through asset sales in recent years, including a recent transaction to offload its remaining UK regional bus operator to the West Midlands local authority and last year's £457 million disposal of its US school bus division.
Phil White, non-executive chairman of Mobico, said: "We believe the offer represents a good outcome for Mobico's stakeholders and provides shareholders with value and certainty."
He added: "Despite the recent strategic progress, the financial position of the business remains challenging, with the cash outflows associated with legacy liabilities constraining our capacity to reduce net debt. The proposed transaction is an opportunity for the business to benefit from a more sustainable capital structure and greater financial flexibility, which can support continued investment and growth."
Global operations and buyer support
Mobico employs approximately 30,000 staff and runs around 13,400 vehicles across the globe.
Felipe Cosmen Menéndez-Castañedo, vice-chairman of the CMC Group, said: "Our family has been a supportive, long-term shareholder of Mobico since 2005. We have great confidence in the company, its management team and its future. Together with Asterion, we look forward to supporting the next phase of growth and value creation."
Jesús Olmos, chief executive of Asterion, said: "Mobico is an attractive transport infrastructure business, with contracted and concession-backed activities that are closely aligned with Asterion's investment strategy."
