Freshfields, Latham and Addleshaws advise on £2.3bn National Express takeover
Freshfields is advising National Express parent company Mobico Group on its recommended takeover by a consortium backed by Spanish investors, with Latham acting for the buyer.
Addleshaw Goddard is advising Santander, the bidder's financial adviser, on the deal, which values Mobico at approximately £2.3 billion.
Freshfields, Latham and Addleshaw Goddard have secured advisory roles on the £308 million takeover of Mobico Group, the London-listed transport company behind National Express.
FTSE 250 Mobico has agreed to a cash offer from Autobuses de León, a Spanish investment vehicle jointly owned by the Cosmen family’s investment firm CMC Group and infrastructure investor Asterion Industrial Partners.
The deal values Mobico at approximately £2.3 billion with its debt taken into account.
Freshfields is advising Mobico, while Latham is acting for Autobuses de León and its acquisition vehicle. Addleshaw Goddard is advising Santander, the buyer’s financial adviser.
The acquisition is expected to complete in the first half of 2027, subject to shareholder and regulatory approvals.
Full circle
The transaction will see one of Britain's best-known transport brands move into private ownership.
Mobico operates bus, coach and other passenger transport services in Europe, the US, North Africa and the Middle East.
The Cosmen family is already Mobico's largest shareholder, with a stake of approximately 26%. The family previously owned Spanish coach operator ALSA, which it sold to National Express in 2005 in a deal worth £262 million.
Ashurst advised National Express on the 2005 deal, while Linklaters acted for the Cosmen family.
The Mobico takeover follows Asterion's proposed €3 billion acquisition of French vehicle leasing group Fraikin earlier this month, with Latham advising the sellers.
Mobico sold its North America School Bus business to private equity infrastructure group I Squared Capital in a $600 million deal last year, with Slaughter and May and Kirkland enlisted.
Advising
Freshfields is advising Mobico, led by corporate partners Claire Wills and M&A partner Andy Robinson.
The Latham team advising the buyer is led by corporate partner Doug Abernethy and finance partner Pedro de Rojas.
The Addleshaws team, acting for Santander, is led by corporate finance partner Simon Wood.
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