Stagecoach, the FTSE 250 transport company, has sold its school bus business in the US state of Wisconsin for $47m.
It has been part of the Stagecoach Group since 1999 but overall school buses are not a big part of the firm's US operations where it wants to focus on its growing Megabus network.
The deal sees $46.75m settled in cash with the balance of $0.25m payable in six months' time, with the money being set against Stagecoach's debts.
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Shares in Stagecoach are 4% down on the year and 6% down over the last five years.
BS
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