Sep 21, 2021
National Express in talks to buy transport rival Stagecoach
National Express has confirmed it is in talks to buy rival transport firm Stagecoach. Under the terms of the potential deal, National Express would own about 75% of the combined group and Stagecoach 25%.National Express said it would be able to slash costs as a result of the merger, and expected the newly formed group to find savings of at least £35m.Travel restrictions and fewer commuters travelling to work have dented passenger numbers during the pandemic. National Express, which runs bus and coach services across the UK, Spain, and the United States, saw revenues fall to £990m in the six months ending 30 June 2021, down from £1.03bn the previous year. If talks are successful, Stagecoach chairman Ray O'Toole would become chairman of the board, while National Express chief executive Ignacio Garat would become chief executive of the newly-formed group. National Express had already had its eye on continued overseas expansion, with its US school bus operation proving resilient, and new bus services being rolled out in Morocco.
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