Go-Ahead Group, the biggest operator of London’s commuter trains and iconic double-decker buses, accepted a £648m takeover bid from an investor group backed by Australian transportation firm Kinetic Holding.
Takeovers of UK transport companies have been picking up as investors bet on a rebound in post-Covid travel and seek the steady, long-term returns offered by government-backed contracts. DWS Infrastructure agreed in March to acquire bus operator Stagecoach Group, trumping an earlier offer from National Express Group. Earlier this month, British bus and train operator FirstGroup rejected a takeover approach from I Squared Capital.
Go-Ahead directors plan to unanimously recommend that shareholders vote in favour of the deal, according to Monday’s statement. It is expected to be completed in October subject to regulatory approvals.Globalvia CEO Javier Perez Fortea said in an interview that the agreed deal is fair and reflects the true value of Go-Ahead.
Go-Ahead runs nearly a quarter of buses in the UK capital, including some of the city’s zero-emission fleet.It also operates Govia Thameslink, the UK’s biggest railway company, which is in charge of commuter-train services into London as well as the Gatwick Express line to one of the capital’s airports.
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Go-Ahead accepts takeover bid for London bus businessUK transport companies are being snapped up as investors bet on a rebound in post-Covid travel
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