Deals
National Express Seals $630 Million Stagecoach Bus Takeover
- Transaction will create group with 40,000-vehicle fleet
- Blueprint for all-stock deal was first disclosed in September
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National Express Group Plc agreed to buy rival U.K. bus operator Stagecoach Group Plc in an all-share deal worth about 475 million pounds ($630 million), uniting two of the country’s biggest transport firms.
Stagecoach’s owners will get 0.36 new National Express shares for every one they now own, the companies said Tuesday, after reaching agreement on a plan first disclosed in September. The valuation is based on current stock prices.