Mobico Group and Leita Mobility have agreed the terms of a recommended cash offer that values the National Express owner’s issued share capital at approximately 308 million pounds. Mobico shareholders will receive 46 pence in cash per share, a premium of about 55.1 percent to the closing price of 29.7 pence on October 20, the last business day before the offer period began, and about 93 percent above the price before the bidder’s first approach on August 4. The shares rose about 11 percent in early trading on Friday.
Leita Mobility is a wholly owned indirect subsidiary of Autobuses de Leon, which is jointly held by CMC Group, the Cosmen family’s investment vehicle and Mobico’s largest shareholder with roughly 26 percent, and Asterion Industrial Infra Fund III, managed by Madrid based Asterion Industrial Partners. The offer implies an enterprise value of approximately 2.32 billion pounds, about 11.7 times Mobico’s adjusted EBIT of 198 million pounds for the year to December 31, 2025, reflecting the size of the group’s debt.
The acquisition is to be implemented by a court sanctioned scheme of arrangement, and the Mobico independent directors intend to recommend it unanimously. The bidder has received irrevocable undertakings covering about 26.4 percent of the shares. Mobico chairman Phil White said the offer gives shareholders value and certainty, while noting that cash outflows from legacy liabilities have constrained the group’s ability to reduce net debt.
The buyers say private ownership will give Mobico a more appropriate capital structure and the flexibility to invest for long term growth. The transaction is the latest in a run of British listed transport and infrastructure assets moving into private and family office hands at valuations dominated by their debt rather than their equity.