Cosmen family and Asterion prepare €338 million takeover bid for UK's Mobico, Alsa's parent company

✦ Meridian Analysis

The Cosmen family, which holds 26 % of Mobico and is the founding family of Spanish bus operator Alsa, has teamed with Asterion Industrial Partners to launch a preliminary takeover offer for the UK‑listed Mobico. The bid, announced to the London Stock Exchange, values the company at 46 pence per share, a 58.6 % premium to the opening price on the day of the announcement, and amounts to €338 million (£283 million). The offer is structured as a 100 % equity takeover, to be paid in cash and routed through the holding vehicle Autobuses de León (AdL). The offer is non‑binding until 18 November, the statutory deadline for the company to confirm a formal offer. Earlier this month Meridian reported that the owner of National Express – Mobico’s former name – was in talks over a £282 million take‑private deal. Asterion’s recent acquisition of Fraikin, a pan‑European commercial vehicle leasing provider. Deal professionals will be watching the next steps closely: the formalisation of the offer, the financing package that will support the cash payment, the appointment of advisers, and the regulatory approvals required from the UK FCA and competition authorities. The timetable will hinge on Mobico’s board decision and the shareholder vote, both of which must occur before the 18 November deadline.

The Meridian Weekly