FirstGroup agrees the sale of US long-distance coaches business Greyhound

Transport firm FirstGroup has agreed the sale of its US long-distance coaches business Greyhound Lines to European coach and rail group FlixMobility for 172 million US dollars (£125 million).
By Greg Wright
Published 21st Oct 2021, 08:36 BST
Updated 21st Oct 2021, 08:38 BST

The deal comes as part of FirstGroup’s move to focus on its UK transport business.

The firm said it will retain Greyhound properties, worth around 176 million US dollars (£128 million) and lease them back to Greyhound, with plans to sell them after the next three to five years.

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The deal has been announced to the City of London todayThe deal has been announced to the City of London today
The deal has been announced to the City of London today
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“We are proud of the significant developments we made to Greyhound’s business model during FirstGroup’s ownership, including the introduction of express point-to-point routes, real-time pricing and yield management, and a transformed customer offering and experience.”

He added: “This transaction realises an appropriate value for Greyhound’s operations and ensures Greyhound’s legacy liabilities are suitably managed.

“Today’s agreement regarding Greyhound’s future completes the group’s portfolio rationalisation strategy which has refocused FirstGroup on its leading UK public transport businesses with a strong platform to create sustainable value going forward.”