Mobico, the parent company of National Express, has agreed to a £308 million takeover bid from a Spanish consortium, marking its likely departure from the London Stock Exchange. The Birmingham-based group accepted an offer valuing its shares at 46 pence each, representing a substantial premium and sending the company’s share price higher. This move reflects a growing trend of foreign investors acquiring established British firms amid a broader wave of delistings from the UK’s main market.

The offer comes from Autobuses de Leon (AdL), a Spanish transportation company operating through its Leita Mobility subsidiary. AdL is backed by investment groups Asterion Industrial Partners and the CMC Group, the latter being Mobico’s largest shareholder with approximately a 26% stake. The transaction values Mobico at around £2.3 billion, factoring in the company’s significant debt obligations.

Mobico has taken steps in recent years to streamline operations and reduce exposure in certain markets. These include the sale of its US school bus division in a £457 million deal last year and the recent disposal of its remaining UK regional bus services to the West Midlands local authority. Despite these efforts, the company continues to face financial challenges stemming from a heavy debt load and ongoing cash outflows linked to legacy liabilities.

Phil White, Mobico’s non-executive chairman, described the takeover as a positive development, emphasizing that it offers shareholders value and certainty. He highlighted that the acquisition would provide the company with a more sustainable capital structure and enhanced financial flexibility, potentially enabling further investment and growth.

Felipe Cosmen Menéndez-Castañedo, vice-chairman of the CMC Group, expressed confidence in Mobico’s future under the new ownership, noting the family’s long-term support for the company since 2005. Jesús Olmos, chief executive of Asterion Industrial Partners, characterized Mobico as a valuable transport infrastructure business with activities aligned to Asterion’s investment approach, which focuses on contracted and concession-based assets.

Mobico operates an extensive fleet of approximately 13,400 vehicles worldwide and employs around 30,000 people. The anticipated takeover reflects the growing appetite of international investors for UK-listed companies, particularly amid a challenging environment for the London Stock Exchange, which has seen a decline in high-profile initial public offerings and a rise in foreign-backed buyouts this year. Other notable British companies, such as EasyJet and Tate & Lyle, are also undergoing similar processes of privatization through acquisition by overseas entities.