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
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
