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National Express owner Mobico agrees to a £308m takeover that will put the British coach firm in Spanish hands

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.

Spanish transport group Autobuses de Leon is buying Birmingham-based Mobico at 46p per share — a 55% premium to the price before the offer period began. Mobico's losses widened to £89.2 million for the 15 months to March, with debt topping £1 billion, and the board called its financial position "challenging." The deal values the company at roughly £2.3 billion once that debt is included, and Mobico's shares surged 11.5% on the news.

AdL is jointly owned by Spain's CMC Group — the Cosmen family, Mobico's largest shareholder since selling coach operator Alsa to the firm in 2005 — and Asterion Industrial Partners.

Mobico has already shed its UK regional bus arm to West Midlands and sold its US school bus division for £457 million last year, leaving it focused on bus, train and coach operations across Spain, Germany and the US.

AdL will take on over £1 billion in Mobico debt that faces refinancing over the coming years, as the Cosmen family declared "private ownership will provide the flexibility to invest for the long term."

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