Dec 14, 2021

National Express to buy Stagecoach for £468m

National Express is to buy Stagecoach in an all-share deal that will bring together two of the UK's largest public transport operators, as the sector rebuilds from the pandemic. Stagecoach shareholders will receive 0.36 new National Express shares for each Stagecoach share, handing them about 25 per cent of the combined company. The deal combines the UK's largest coach fleet and extensive international operations of National Express with the operator of more than 25 per cent of the country's buses. Ignacio Garat, chief executive of National Express, said that the deal would "Create a leading multi-modal passenger transport business in the UK". The consolidation of the UK bus and coach sector follows a difficult period for operators after the coronavirus pandemic slashed revenues and with the sector facing the end of state aid early next year. The two companies expect to achieve cost savings of £45m, up from their previous expectations of £35m when the National Express approach was first announced in September.

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