Title: National Express owner in talks over £282m take-private deal
Content: The owner of National Express is in talks with a potential Spanish buyer over a takeover that could value the company at about £282mn, potentially adding to a wave of delistings from the London stock market. Mobico, which also operates bus, train and coach businesses across Spain, Germany, Morocco and the US, said in a stock exchange statement that it had received an approach from Autobuses de Leon (Ad L), a Spanish company backed by CMC Group, which is Mobico's largest investor. The 46p per share cash offer is at a 55 per cent premium to Tuesday's closing price and close to double the level seen several weeks ago. Mobico's shares jumped 31 per cent after the company revealed Ad L's approach.
Mobico said it considered the offer 'to be at a value that it is minded to recommend' to its shareholders. It has given Ad L access to its records to progress towards the announcement of a firm intention to make an offer.
While the deal would value the company's equity at £282mn, Mobico also has more than £1bn of debt that is due to be refinanced in the coming years. If it proceeds, the deal would mark the latest delisting from the London Stock Exchange. A number of companies have been snapped up by private equity firms and international buyers in recent years. CMC Group, the vehicle owned by Spain's Cosmen family, first invested in Mobico when it sold Spanish coach operator Alsa to the business in 2005. It now owns about 26 per cent of Mobico's shares.
Alsa has been a bright spot for Mobico, whose mixed performance in other divisions and heavy debt burden have resulted in its credit rating being downgraded to junk status. Earlier in the year, Mobico told investors it was looking for solutions to refinance its debt, some of which is due to mature next year. The group has £233mn in US private placement notes maturing in 2027 and a £250mn bond due in 2028. The business also has a £600mn revolving credit facility, which is not currently drawn, that matures in 2029. Mobico reported a £89.2mn pre-tax loss for the 15 months to the end of March, compared with a £50.4mn loss in the 12 months to the end of December 2024. When it last reported, at the end of March, it had £242mn of cash on hand. The business was also forced to restate several items in its accounts when it posted that update. Analyst Gerald Khoo at Panmure Liberum said the number of different businesses and their various accounting methods made the company inherently difficult to value.
FAQ Q: What is the proposed valuation for National Express?
FAQ A: The proposed takeover valuation for National Express is about £282 million.
出典: Financial Times Companies · 要約：HeadlinesBriefing