National Express operator Mobico has agreed to a £308 million takeover by Spanish bus company Autobuses de Leon (AdL), marking a significant shift in ownership for the Birmingham-based transport business. AdL will pay 46p per share to Mobico's shareholders, valuing the company at roughly £2.3 billion when its substantial debt is factored in. Mobico's share price jumped more than 10 percent in early trading on Friday following the announcement.
AdL is backed by investment firm Asterion Industrial Partners and CMC Group, which already holds approximately 26 percent of Mobico as its largest shareholder. The deal reflects Mobico's recent strategy of streamlining its operations through asset sales, including the disposal of its remaining UK regional bus operator to the West Midlands local authority and last year's £457 million sale of its US school bus division.
Phil White, Mobico's non-executive chairman, said the offer "represents a good outcome for Mobico's stakeholders and provides shareholders with value and certainty." He highlighted that while the company has made strategic progress, its financial position remains under pressure from cash outflows tied to legacy liabilities. The takeover will give Mobico access to a more sustainable capital structure and greater financial flexibility to support future investment and growth, White said.
Mobico operates approximately 13,400 vehicles globally and employs around 30,000 staff. Felipe Cosmen Menéndez-Castañedo, vice-chairman of CMC Group, said the family has been a supportive shareholder since 2005 and has confidence in the business. Jesús Olmos, chief executive of Asterion, described Mobico as an attractive transport infrastructure business with contracted and concession-backed activities aligned with his firm's investment strategy.
For UK pension savers and investors with holdings in transport sector stocks, the deal signals consolidation in the bus and coach industry amid ongoing financial pressures from legacy costs and debt.