By Karim Hammam
National Express parent company Mobico has agreed to a £308 million takeover by Spanish transport group Autobuses de León (AdL), marking the latest British firm to be taken private by a foreign buyer.
Deal Details
AdL, through its Leita Mobility subsidiary, will pay 46p per share for Mobico, valuing the company at approximately £2.3 billion including debt. The offer represents a premium of more than 10% over Friday's opening share price. AdL is backed by investment firm Asterion Industrial Partners and CMC Group, which holds a roughly 26% stake in Mobico.
Strategic Background
Mobico, formerly National Express Group, has streamlined operations in recent years, selling its UK regional bus operations to the West Midlands Combined Authority and its US school bus division for £457 million in 2025. The Birmingham-based company employs about 30,000 people and operates roughly 13,400 vehicles worldwide.
Executive Perspectives
Mobico non-executive chairman Phil White said the offer provides shareholders with value and certainty, noting that legacy liabilities have constrained debt reduction. He added the deal offers a more sustainable capital structure for future investment. CMC Group vice-chairman Felipe Cosmen Menéndez-Castañedo expressed confidence in Mobico's management and future growth alongside Asterion. Asterion chief executive Jesús Olmos described Mobico as an attractive transport infrastructure business aligned with their investment strategy.
Wider Market Trend
The takeover continues a wave of London Stock Exchange delistings in 2026, driven largely by overseas strategic buyers and private equity firms. High-profile names such as EasyJet and Tate & Lyle are also slated to leave the exchange amid a dearth of major initial public offerings.
