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National Express owner Mobico is set to fall into Spanish hands after agreeing a £308m takeover by its largest shareholder

A National Express coach like those operated by Mobico, whose losses grew to £89.2m in the 15 months to March as more than £1bn of debt constrained its ability to reduce borrowings.
A National Express coach like those operated by Mobico, whose losses grew to £89.2m in the 15 months to March as more than £1bn of debt constrained its ability to reduce borrowings.

Birmingham-based Mobico, formerly National Express Group, has accepted a 46p-per-share bid from Leita Mobility, a subsidiary of Spanish firm Autobuses de Leon, at a 55 per cent premium to its pre-approach share price. Shares surged 11.5 per cent at the open and have almost doubled this year as investors welcomed the deal.

Leita Mobility is backed by Spain's CMC Group, owned by the Cosmen family, whose relationship with Mobico dates to 2005 when the Alsa coach business changed hands in a deal that brought them into the group.

CMC will take on more than £1bn of Mobico's debt; over the 15 months to March the group's losses grew to £89.2m, up from £50.4m in the prior year.

Non-executive chair Phil White said legacy liabilities had been 'constraining capacity to reduce net debt' and the deal offered a 'more sustainable capital structure'.

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