Transport group National Express has completed the acquisition of Petermann Partners, which operates the fifth largest provider of student transportation services in the US.
National Express, which on Tuesday reported good overall revenue growth in the first quarter, paid $200m for the firm.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The acquisition will be earnings accretive from the outset and is expected to strengthen National Express's position in the US student transportation market, adding over 3,300 vehicles, increasing the fleet size by 20%.and increases the company's fleet size by 20%.
The acquisition was funded from existing credit facilities and cash.
NR
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
-
How extending stealth tax freeze would cancel out pensioners’ Winter Fuel Payment by 2030Pensioners relying on just the full new state pension face paying tax on their income within a few years, as the payment rises but thresholds remain frozen
