National Express Owner and UK Tech Firm Targeted in Foreign Takeovers
Mobico, the parent company of National Express, and subsea technology firm Ashtead Technology are reportedly in advanced takeover talks with overseas entities, highlighting a trend of foreign acquisition of UK companies.
The UK's financial sector is experiencing a surge in takeover activity, with two prominent British companies, Mobico (owner of National Express) and Ashtead Technology, becoming the latest targets for foreign buyers. This trend underscores a broader pattern of overseas entities acquiring UK-based businesses.
Mobico, headquartered in Birmingham, has received a takeover proposal from its largest shareholder, Autobuses de Leon. This company is owned by Spain's CMC Group and investment firm Asterion Industrial Partners, which collectively hold a 26% stake in Mobico. The offer is valued at 46 pence per share, a move that caused Mobico's shares to surge by 28.5% to 38.12p, contributing to a 72% gain this year. Mobico's board has indicated it is prepared to recommend the offer, which values the company at approximately £280 million, to its shareholders should a firm offer be made on the same terms.
In parallel, British subsea technology firm Ashtead Technology has agreed to a £505 million takeover by Ember Infrastructure Management, a New York-based private equity firm. The deal values Ashtead Technology at 615 pence per share, prompting a nearly 15% increase in its stock price to 608.1p, reaching a two-year high.
Ashtead Technology, established in 1985, supplies underwater technology to the global offshore energy sector. The company received an unsolicited approach from Ember in September. This offer followed three previous proposals, two of which were explicitly rejected by Ashtead's board. The current offer represents a significant premium, 81% above Ashtead Technology’s closing price on September 22, the last trading day before the offer period began, and 59% above its three-month volume-weighted average price.
Ashtead's board has unanimously recommended the deal, anticipating its completion in the fourth quarter of 2026 or early 2027. The board concluded that the offer provides shareholders a more compelling opportunity to realize substantial value compared to continuing with the company's independent strategy. Elena Savostianova, Founder and Managing Partner of Ember, stated that the firm will support Ashtead in pursuing its strategy with enhanced ambition and long-term private capital.
This wave of takeover activity, predominantly from international buyers including strategic investors and private equity firms, has led to the delisting of several well-known British companies from the London Stock Exchange. This trend occurs at a time when the exchange is reportedly struggling to attract significant initial public offerings.