Mobico, the operator of National Express, has agreed to a £308 million takeover by Spain's Autobuses de Leon (AdL), sending shares up more than a tenth in early trading on Friday.
AdL, through its Leita Mobility subsidiary, will pay 46p per share to shareholders of the Birmingham-based transport business. The deal values Mobico at around £2.3 billion when its significant debt pile is taken into account.
Bidders and shareholders
Spain's AdL is backed by investment firm Asterion Industrial Partners and CMC Group, which is Mobico's largest shareholder with a roughly 26% stake.
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."
Recent disposals and operations
Mobico has trimmed its operations through disposals in recent years, including a recent deal to sell its remaining UK regional bus operator to the West Midlands local authority and the £457 million sale of its US school bus arm last year.
The company has roughly 30,000 employees and operates around 13,400 vehicles globally.
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."
