National Express owner Mobico set for £308m Spanish takeover

National Express operator Mobico is set to be taken into Spanish hands after striking a £308 million takeover deal.Shares in the company jumped more than a 10th in early trading on Friday after bosses said they agreed a takeover bid by Autobuses de Leon (AdL), through its Leita Mobility subsidiary.AdL has agreed to pay 46p per share to shareholders in the Birmingham-based transport business.The deal will value Mobico at around £2.3 billion with its significant debt pile taken into account.Spain’s AdL is backed by investment firm Asterion Industrial Partners and CMC Group, which is Mobico’s largest shareholder with a roughly 26% stake.Mobico has trimmed down its operations through disposals in recent years, 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: “We believe the offer represents a good outcome for Mobico’s stakeholders and provides shareholders with value and certainty.“Despite the recent strategic progress, the financial position of the business remains challenging, with the cash outflows associated with legacy liabilities constraining our capacity to reduce net debt.“The proposed transaction 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.”Mobico has roughly 30,000 employees and operates around 13,400 vehicles globally.Felipe Cosmen Menéndez-Castañedo, vice-chairman of the 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.“Together with Asterion, we look forward to supporting the next phase of growth and value creation.”Jesús Olmos, chief executive of Asterion, said: “Mobico is an attractive transport infrastructure business, with contracted and concession-backed activities that are closely aligned with Asterion’s investment strategy.”