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FirstGroup bags yellow buses
Posted in stocks | Friday, March 30th, 2007 | Trackback
In a deal that transforms it into a company that will do most of its business in North America, the British passenger transport group today agreed to pay 1.9bn for Laidlaw, the only company in the US and Canada that runs more Yellow Buses than FirstGroup.
Laidlaw also owns the long-distance Greyhound buses although analysts say they could be sold off by FirstGroup to recoup cash.
The deal also transforms FirstGroup’s balance sheet.
It is raising 1.6bn on the debt markets, taking its total borrowings to 2.4bn or four times its expected annual operating earnings.
The rest of the money is being raised on the stock market - 200m today in a placing at 560p, and on completion of the deal a rights issue that could raise a further 175m.
‘This is the right deal at the right time,’ said FirstGroup chief executive Moir Lockhead.
The shares today rose 3p to 564p.
Other stories:
FirstGroup fights unions over bus stake
Virgin Rail lines up East Coast bid
National Express sets sights on GNER line
National Express London bid off rails
FirstGroup steams to 44m on rail boom
