FirstGroup to offer North American bus units to EQT Infrastructure money – Sky

(Provides dropped term ‘to’ in the headline)

(Reuters) – British transportation operator FirstGroup Plc is advertising two North American-based mostly bus units to cash managed by EQT Infrastructure for about $4.6 billion, Sky News documented on Thursday.

The deal, which Sky said would be declared on Friday, citing resources, exceeds earlier selling price anticipations and will return millions of lbs to FirstGroup shareholders.

Aberdeen-headquartered FirstGroup and EQT both of those declined to remark.

FirstGroup announced a yr back it had started the sale process for the FirstStudent and FirstTransit businesses, following pressure from big shareholder Coast Capital Management to focus on the U.K.

The two models noted annual revenues of $3.8 billion, accounting for 60% of group running revenue, in the full 12 months prior to the sale announcement.

FirstGroup had also introduced the sale of its Greyhound bus enterprise in the United States and Canada in Could 2019 but the process stalled amid the coronavirus pandemic and is ongoing.

FirstGroup operates four practice contracts in Britain, such as expert services to Bristol in the south west, and commuter solutions to the south of London, plus bus expert services in lesser British isles cities and bordering spots.