Transport firm Stagecoach has completed its acquisition of Coach America, a bankrupt operator of bus and coach services in the US.
Stagecoach bought nine businesses and related assets and liabilities for $134.2m, although $3.0m of the consideration is being held in escrow pending the finalisation of any working capital adjustment. The total amount will potentially be adjusted based on the working capital of the acquired businesses.
In addition, the firm has purchased 12 coach for a cash consideration of $2.9m from the company, which also retains the option to sell further vehicles to Stagecoach for the balance of a potential cash consideration of up to the $22.7m.
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The transaction has been financed from available, committed bank facilities.
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