LONDON: A consortium backed by the Cosmen family and Madrid-based infrastructure investor Asterion has agreed to acquire British transport operator Mobico Group in a cash deal valuing the company at approximately £308 million ($410 million), the parties announced Friday.

Under the terms of the recommended offer, Mobico shareholders will receive 46 pence in cash per share, representing a premium of about 55.1% to the closing price of 29.7 pence on Oct. 20, the last business day before the offer period began.

The deal implies an enterprise value of approximately £2.32 billion and represents about 11.7 times Mobico’s adjusted EBIT of £198 million for the year ended Dec. 31, 2025.

Leita Mobility Limited, a wholly owned indirect subsidiary of Spain’s Autobuses de León, will make the offer. AdL is jointly held by the CMC Group — the family office of the Cosmen family, Mobico’s largest shareholder with roughly a 26% stake — and Asterion Industrial Infra Fund III.

Mobico, which operates coach, rail, bus, shuttle and paratransit services across Europe, the U.S., North Africa and the Middle East, employs about 30,000 people and operates some 13,400 vehicles.

The company’s board of independent directors said it considers the terms fair and reasonable and intends to recommend unanimously that shareholders vote in favor of the deal, which is to be implemented through a court-sanctioned scheme of arrangement.

“The acquisition values the entire issued and to be issued ordinary share capital of Mobico at approximately £308 million,” the companies said in a statement.

AdL said it believes it can support Mobico’s businesses as part of a larger group, including by combining the company with AdL’s existing operations in Malta and Cyprus. The combined group would benefit from improved operational efficiency and greater geographic diversity, the consortium said.

Mobico’s performance in recent years has been weighed down by its debt levels. AdL said it intends to provide a sustainable capital structure and the financial flexibility needed to invest in the business and pursue long-term growth.

“AdL believes that private ownership would provide greater flexibility to take a long-term approach to business planning, capital allocation and operational improvement,” the statement said.

The consortium said it has received irrevocable undertakings representing about 26.4% of Mobico’s shares, including from independent directors holding about 0.2% of the company.

Jorge Cosmen Menéndez-Castañedo, a Mobico director and member of the Cosmen family, was not treated as independent and did not participate in the board’s consideration of the deal.

The transaction is expected to be implemented under Part 26 of the Companies Act 2006, though the buyer reserves the right to switch to a takeover offer with regulatory consent.

Bank of America Securities provided independent financial advice to Mobico’s independent directors.

Felipe Cosmen Menéndez-Castañedo, Vice Chairman of the CMC Group, said: “Our family has been a supportive, long term shareholder of Mobico since 2005. We have great confidence in the company, its management team and its future. Together with Asterion, we look forward to supporting the next phase of growth and value creation. We believe private ownership and a sustainable capital structure will provide the flexibility to invest for the long term, deliver even better service for customers, create opportunities for employees and realise Mobico’s full potential.”

Commenting on the Acquisition, Jesús Olmos, Chief Executive Officer of Asterion, said: “Mobico is an attractive transport infrastructure business, with contracted and concession-backed activities that are closely aligned with Asterion’s investment strategy. We are pleased to continue our partnership with the Cosmen family, bringing together its longstanding sector knowledge with Asterion’s infrastructure investment and focus on active asset management. We intend to support Mobico’s development into a more diversified, concession-focused mobility platform, delivering essential public transport services and enabling the transition towards lower-carbon mobility.”

Commenting on the Acquisition, Phil White, Non-Executive Chair of Mobico, said: “Mobico is a high-quality international transport business, proudly serving millions of customers every day. The current management team has made significant progress in simplifying the Group, sharpening operational focus and strengthening the business for the future. When considering the offer, the Mobico Independent Directors weighed that progress carefully against the opportunities and risks associated with Mobico continuing as an independent, listed company.

We believe the offer represents a good outcome for Mobico’s stakeholders and provides shareholders with value and certainty. Despite the recent strategic progress, the financial position of the business remains challenging with the cash outflows associated with legacy liabilities constraining our capacity to reduce net debt. The proposed transaction is an opportunity for the business to benefit from a more sustainable capital structure and greater financial flexibility, which can support continued investment and growth.

The CMC Group has been closely associated with Mobico for more than 20 years and brings deep experience of passenger transportation. Together with Asterion, we believe they are the right custodians of Mobico, supporting the business as it continues to deliver for its customers, employees and partners.”