By Karim Hammam
National Express owner Mobico has agreed to a £308 million takeover by Spanish bus operator Autobuses de Leon (AdL), sending shares up more than 10% in early trading on Friday.
Deal details
AdL, through its Leita Mobility subsidiary, will pay 46p per share, valuing Mobico at around £2.3 billion including debt. The Spanish company is backed by investment firm Asterion Industrial Partners and CMC Group, Mobico's largest shareholder with a roughly 26% stake.
Background
Mobico has been streamlining operations, recently selling its UK regional bus operator to the West Midlands local authority and its US school bus arm for £457 million last year.
Reactions
Phil White, Mobico's non-executive chairman, said the offer represents a good outcome for stakeholders and provides certainty, noting the business still faces a challenging financial position due to legacy liabilities.
Felipe Cosmen Menéndez-Castañedo, vice-chairman of CMC Group, expressed confidence in the company's future, while Jesús Olmos, chief executive of Asterion, described Mobico as an attractive transport infrastructure business aligned with their investment strategy.
Mobico employs roughly 30,000 people and operates around 13,400 vehicles globally.
