Spanish firm to buy National Express owner Mobico for £308m

Summarised from 3 outlets · 4 reports · Updated 30 Oct, 11:07 · Archive

Mobico, the owner of National Express, has agreed to a £308 million takeover by Spanish transport company Autobuses de Leon.

Mobico, the Birmingham-based owner of National Express, has agreed to a £308 million takeover by Spanish transport company Autobuses de Leon through its subsidiary Leita Mobility. Shares in the company jumped more than 10 per cent in early trading on Friday following the announcement. The deal values Mobico at 46p per share, representing a 55 per cent premium to its price before the takeover approach was announced earlier in the month. With Mobico's significant debt pile included, the overall transaction values the company at around £2.3 billion.

Autobuses de Leon is backed by Spain's CMC Group and investment firm Asterion Industrial Partners. CMC Group, which is Mobico's largest shareholder with a roughly 26 per cent stake, first invested in the company in 2005 when it sold its Spanish coach operator Alsa to the firm. The takeover will see Mobico take on more than £1 billion of debt, which is due to be refinanced in the coming years.

Mobico has experienced financial difficulties in recent years. The group's losses widened to £89.2 million for the 15 months to the end of March, compared with a £50.4 million loss in the 12 months to the end of December 2024. The company has trimmed down its operations through disposals, including a recent deal to sell its remaining UK regional bus operator to the West Midlands local authority and the £457 million sale of its US school bus arm last year.

Phil White, non-executive chairman of Mobico, said the offer 'represents a good outcome for Mobico's stakeholders and provides shareholders with value and certainty'. He noted that 'despite the recent strategic progress, the financial position of the business remains challenging'. The proposed transaction, he added, 'is an opportunity for the business to benefit from a more sustainable capital structure and greater financial flexibility, which can support continued investment and growth'.

Felipe Cosmen Menéndez-Castañedo, vice-chairman of CMC Group, said: 'Our family has been a supportive, long-term shareholder of Mobico since 2005. We have great confidence in the company, its management team and its future.' CMC Group said it believed 'private ownership and a sustainable capital structure will provide the flexibility to invest for the long term'.

Mobico has roughly 30,000 employees and operates around 13,400 vehicles across Spain, Germany and the United States.

How it is being reported

• National Express owner agrees to £308m Spanish buyout proposalNational Express’ parent company Mobico has been acquired by Spanish buyer AdL after agreeing to a £308m buyoutThe Independent · 30 Oct, 11:21
• National Express owner Mobico set for £308m Spanish takeoverShares in the company jumped more than a 10th after bosses said they agreed the deal with Autobuses de Leon.Independent Business · 30 Oct, 10:42
• National Express owner Mobico set for £308m Spanish takeoverShares in the company jumped more than a 10th after bosses said they agreed the deal with Autobuses de Leon.Evening Standard · 30 Oct, 10:42
• National Express owner Mobico falls into Spanish hands after agreeing £308m takeoverThe owner of National Express will become the latest British firm to be taken private by a foreign buyer after agreeing to a takeover this morning.This is Money · 30 Oct, 09:12

In this story: Mobico · National Express · Autobuses de Leon · CMC Group · Asterion Industrial Partners · Spain · Birmingham

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