Mobico agrees 46p a share cash takeover by Spanish Autobuses de León
The board of the National Express owner will recommend the offer, which values the equity at about £308 million and the whole business at about £2.3 billion. The buyers are the Cosmen family, already the largest shareholder, and Spanish infrastructure fund Asterion.
Mobico Group, the London-listed owner of National Express and Spanish coach operator ALSA, has agreed to a recommended cash takeover by Leita Mobility, a subsidiary of Autobuses de León (AdL). Shareholders would receive 46 pence in cash per share, which values Mobico's equity at about £308 million and implies an enterprise value of about £2,323 million.
AdL is jointly held by the CMC Group, the family office of the Cosmen family, and Asterion Industrial Infra Fund III, managed by Madrid-based Asterion Industrial Partners. The firm offer, announced on Friday 30 October, follows a possible offer disclosed the week before. The deal is expected to complete in the first half of 2027.
The terms
According to the Rule 2.7 announcement, the 46 pence offer is a premium of about 55.1% to Mobico's closing price of 29.7 pence on 20 October, the last business day before the offer period began. It is about 93.3% above the 23.8 pence close on 3 August, the day before AdL submitted its first proposal to the Mobico board. Against the three-month and six-month volume weighted average prices, the premiums are about 82.8% and 89.3%.
The implied enterprise value is about 11.7 times Mobico's adjusted EBIT of £198 million for the twelve months to 31 December 2025. Expansión reported that the £2,323 million figure is driven mainly by debt: net debt of £1,134 million at the end of March, a £500 million hybrid bond, and provisions and other adjustments.
The deal is planned as a court-sanctioned scheme of arrangement. Because the CMC Group and related holders already own about 26.2% of Mobico, they cannot vote at the court meeting, which leaves the decision to the independent shareholders. They have given irrevocable undertakings to support the resolutions at the general meeting. Including the independent directors' own holdings, undertakings cover about 26.4% of the shares in issue.
Mobico shares rose about 10.5% in early London trading to 43.54 pence, still below the offer price, Expansión reported. The scheme document is due within 28 days.
Who is buying
The Cosmen family has been tied to the business since ALSA merged with National Express in 2005. Jorge Cosmen, chairman of ALSA, is among the existing holders. AdL already runs urban bus concessions in Malta and Cyprus, which generated consolidated revenue of about €187 million in 2025. Under the new structure the CMC Group will hold 50.1% of AdL and Asterion 49.9%, according to Expansión.
Asterion's third infrastructure fund closed in 2025 with total commitments of €3.4 billion. "Mobico is an attractive transport infrastructure business, with contracted and concession-backed activities that are closely aligned with Asterion's investment strategy," chief executive Jesús Olmos said in the announcement.
Felipe Cosmen, vice chairman of the CMC Group, said: "We believe private ownership and a sustainable capital structure will provide the flexibility to invest for the long term, deliver even better service for customers, create opportunities for employees and realise Mobico's full potential."
Why the board said yes
Mobico has about 30,000 employees and around 13,400 vehicles across the UK, Spain, North America, North Africa and the Middle East. Its finances have been under strain. The announcement puts covenant gearing at 2.9 times at 31 March 2026, well above the medium-term target of 1.5 to 2.0 times. Moody's rates the group B2 with a stable outlook and Fitch rates it BB with a negative outlook. About £230 million of US private placement notes fall due in May and June 2027.
"Despite the recent strategic progress, the financial position of the business remains challenging with the cash outflows associated with legacy liabilities constraining our capacity to reduce net debt," said non-executive chair Phil White. He added that the board believes the offer "provides shareholders with value and certainty".
Financing
AdL plans to refinance Mobico's debt after the change of control. The announcement describes a long-term, infrastructure-style financing, likely combining a bank term loan with US private placement notes. Santander acts as financial adviser to AdL, and Santander, CaixaBank and MUFG are providing the acquisition financing, Expansión reported.
What it means for founders and investors
The deal is another case of a struggling UK-listed company being taken private at a large premium to a depressed share price. Investors who bought in recent years still face losses, since 46 pence is far below where the shares traded before the debt problems. For other mid-cap boards, the lesson is that a long-standing anchor shareholder with patient capital can become the natural buyer when public markets stop funding a turnaround.
It also shows how infrastructure funds now treat transport as a concession business with steady cash flows. Mobility startups selling ticketing, fleet electrification, routing or maintenance software should note the shift. A private owner focused on long-term contracts may invest more steadily in technology than a listed company under pressure to cut debt each quarter.
For the wider picture of cross-border dealmaking in European transport, see our reports on Boluda Shipping's planned purchase of Samskip and Stena's deal for Color Line.
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