Mobico, the transport group behind National Express, has agreed to a £308m cash takeover by a consortium involving its largest shareholder, Spain’s Cosmen family, and infrastructure investment company Asterion Industrial Partners.
The recommended offer of 46p per share will be made through Leita Mobility, a company indirectly owned by the consortium. Although the cash consideration values Mobico’s equity at approximately £308m, the transaction carries an implied enterprise value of £2.323bn once the group’s wider financial obligations are taken into account.
The substantial difference between those valuations reflects the financial position of a business that has been working to reduce debt and simplify its international transport operations. The enterprise valuation is equivalent to approximately 11.7 times Mobico’s £198m adjusted operating profit for 2025.
The Cosmen family already has an established relationship with Mobico, having become a major investor when National Express acquired Spanish coach operator ALSA in 2005. Its family office, CMC Group, is now participating alongside Asterion Industrial Infra Fund III in the proposed acquisition.
Under the offer, shareholders will receive a 55.1% premium to Mobico’s closing share price of 29.7p on 20 October, immediately before the formal offer period began. The consideration also represents a 93.3% premium to the price recorded on 3 August, before the consortium submitted its initial proposal.
Mobico’s independent directors have recommended the transaction after considering the company’s financial obligations and the prospects of delivering further value as a listed business.
The group has spent several years restructuring operations following disruption to passenger transport markets and pressure on borrowing costs. Its international portfolio includes coach, bus, and other passenger transport activities, with National Express and ALSA among its established brands.
Mobico has been pursuing asset disposals and operational changes intended to strengthen its balance sheet. Those measures have included the disposal of its North American school bus operations and changes to its UK activities as management has concentrated on reducing leverage.
For shareholders, the offer provides a fixed cash exit at a substantial premium to recent market prices. Continuing independently would have left them exposed to changes in trading performance, refinancing conditions, and the cost of servicing the company’s financial commitments.
The consortium intends to acquire Mobico through a court-sanctioned scheme of arrangement under the Companies Act 2006. That process requires the relevant shareholder approvals, court approval, and satisfaction of the other conditions attached to the transaction.
Private ownership would allow the investors to pursue their operating and financing strategy outside the reporting and governance requirements associated with a London stock market listing. The group’s existing businesses would remain subject to their operational, contractual, and regulatory obligations.
The acquisition is expected to complete during the first half of 2027, subject to the necessary approvals. Until then, Mobico will continue operating under its existing ownership structure while the proposed transaction progresses through the required procedures.
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