(Alliance News) - Shares in FirstGroup PLC surged on Monday after the Daily Telegraph reported at the weekend that a group of private equity firms could be lining up bids for the transport firm's US operations.
The Telegraph said on Saturday that Canary Wharf owner Brookfield, Apollo Global Management and KKR are among a slew of potential suitors for FirstStudent and FirstTransit. The report said FirstGroup's financial advisers had restarted a sales process in recent weeks, and this has attracted significant private equity interest.
FirstTransit operates in more than 300 locations across the US and Canada and FirstStudent is the largest provider of student transportation in North America.
FirstGroup shares were up 20% at 47.64 pence, the best performer in the FTSE 250 on Monday.
By Arvind Bhunjun; email@example.com
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