National Express Owner Mobico Agrees to $308 Million Takeover by Spanish Firm

Mobico, the owner of National Express, has agreed to a £308 million takeover by its largest shareholder, Leita Mobility. The Spanish firm's offer represents a 55 percent premium to Mobico's share price before the takeover approach.

Leita Mobility is a wholly owned subsidiary of Autobuses de Leon, which is owned by Spain's CMC Group and investment firm Asterion Industrial Partners. CMC Group, controlled by Spain's Cosmen family, initially invested in Mobico in 2005 when it sold its Spanish coach operator, Alsa, to the company.

The acquisition will see Leita Mobility assume over £1 billion in Mobico's debt, which requires refinancing in the coming years. Mobico has faced challenges with its debt load and weak performance in its core UK market. For the 15 months ending March 31, the group reported losses widened to £89.2 million, an increase from the £50.4 million loss recorded in the 12 months ending December 31, 2024.

Mobico operates bus, train, and coach services in Spain, Germany, and the United States. CMC Group stated that private ownership and a sustainable capital structure would provide the necessary flexibility for long-term investment. Mobico's non-executive chair, Phil White, described the proposed transaction as an opportunity for the business to benefit from a more sustainable capital structure and enhanced financial flexibility, which he believes will support continued investment and growth.

This takeover marks another instance of a British company being acquired by a foreign buyer, contributing to a trend of delistings from the London Stock Exchange. The exchange has seen a rise in takeover activity this year, predominantly from overseas strategic buyers and private equity firms, impacting well-known companies such as Easyjet and Tate & Lyle.