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.
Subscribe to 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
Shares in Stagecoach are 4% down on the year and 6% down over the last five years.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
