(Sharecast News) - National Express has agreed to buy Stagecoach in a deal the combines two of Britain's biggest public transport operators in the wake of the pandemic.
Stagecoach shareholders will receive 0.36 new National Express shares for each Stagecoach share in a deal valuing Stagecoach at about £468m.
The companies have been in talks since September and had until 17:00 on Tuesday to announce a deal. The takeover brings together Britain's biggest coach operator in National Express with Stagecoach, which runs more than a quarter of the country's buses.
Ignacio Garat, National Express's chief executive, said: "The proposed combination of National Express and Stagecoach, and the unique strengths of both companies and their teams, will create a leading multi-modal passenger transport business in the UK, aiming to deliver superb services to customers and forging the way to a carbon free future with a new generation of zero-emission buses and coaches."
Stagecoach shares rose 8.9% to 81.70p at 12:00 GMT. The shares have halved since early January 2020 when Covid-19 began to spread from China to Europe. UK travel operators have been battered by Covid-19 restrictions and a partial shift to working from home.
30 Jun 2021 14:09
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(Sharecast News) - Stagecoach Group reported a slump in annual profits on Wednesday, after the pandemic hit revenues, but said it was encouraged by progress to date on the roadmap out of lockdown.
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