Freshfields advises Mobico on its recommended acquisition by Leita Mobility

Global law firm Freshfields is advising Mobico Group PLC on its recommended acquisition by Leita Mobility Limited, a wholly-owned indirect subsidiary of Autobuses de Leon, S.L., a company jointly held by the family office of the Cosmen family, Mobico’s largest shareholder, and Asterion Industrial Infra Fund III, FCR, a fund managed by Asterion Industrial Partners SGEIC, S.A. The transaction values Mobico at approximately £308m with an implied enterprise value of approximately £2.3bn.

Mobico (operating in the UK as National Express) is a leading diversified transport business with operations spanning coach, rail, bus, shuttle and paratransit in Europe, the US, North Africa and the Middle East.

Under the terms of the transaction, Mobico shareholders will be entitled to receive 46 pence in cash for each Mobico share. The acquisition is intended to be implemented by way of a court-sanctioned scheme of arrangement and is subject to customary regulatory approvals.

The Freshfields team is being led by partners Claire Wills and Andy Robinson, senior associate Bradley Tapper, and associates Tom Howard, Mikaela Choo, Maya Bradley and David Timofanovici, with support from employment partners David Mendel and Dawn Heath and senior associate Charles Smye, competition partner Martin McElwee and senior associate Toyosi Taiwo, finance partner Martin Hutchings, senior associate Laura Clark-Jones, and tax partner Paul Davison.