Mobico Agrees to £308 Million Cash Offer at 55.1% Premium
Key Facts
Leita Mobility and Mobico’s independent directors have agreed the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of the company, according to an announcement dated 29 October 2026. Bidco is offering 46 pence in cash for each share, valuing the ordinary share capital at about £308 million and the enterprise value at about £2.323 billion. Mobico’s independent directors unanimously recommended that shareholders vote in favour of the scheme, while George Kuzman was not treated as an independent director and did not take part in the decision. The directors said the offer “provides certain cash value today” for shareholders. They also believe it would allow a new owner to support the group with a more appropriate capital structure and a longer investment horizon. The transaction remains subject to shareholder, regulatory and antitrust approvals.
The cash consideration represents a premium of 55.1% to the closing price of 29.7 pence per share on 20 October 2026, and 93.3% to the close of 23.8 pence on 3 August of the same year. The offer is also 89.3% above the six-month volume-weighted average price of 24.3 pence through 20 October. These comparisons put the offer value above the share’s trading levels during the reference periods cited in the announcement. According to Mobico, irrevocable voting undertakings cover shares representing about 26.4% of the shares in issue. A separate undertaking from the independent directors covers shares representing about 0.2%. These undertakings do not replace the formal vote required to approve the scheme.
CMC Group and Asterion Industrial Infra Fund III jointly own Autobuses de León, while Leita Mobility is an indirect wholly owned subsidiary of Autobuses de León. The offer targets the company’s ordinary share capital, rather than the direct purchase of Mobico’s assets. AdL said its plan focuses on improving operational performance, investment discipline and sustainable cash generation. It added that it wants to develop a mobility platform focused on franchises. These priorities come as Mobico reported adjusted revenue of about £3.42 billion and adjusted operating profit of £231 million for the 15 months to 31 March 2026. The two figures rose 5.9% and 17.6%, respectively, compared with the previous comparable period.
Company data showed improving revenue alongside continued elevated covenant net debt. Reported net debt was £1.134 billion at 31 March 2026, down from £1.249 billion at 31 December 2024. But the covenant leverage ratio rose to 2.9 times, above the medium-term target range of 1.5 to 2.0 times. In its second-quarter update published on 8 September 2026, Mobico said group revenue grew 5.0% year on year, driven by momentum at Alsa and a recovery in German rail. The company left its full-year guidance unchanged. Alsa revenue rose 8.0%, while German rail revenue increased 19.3% in the quarter, as full operations resumed and the business stabilised after revised rail contracts were signed.
In the 15 months ended 31 March 2026, Mobico won 28 new contracts representing annual revenue of £109 million and total contract value of £682 million. These contracts reflect part of the group’s operating activity, alongside the revenue and profit growth indicators the company reported for the same period. The transaction process requires shareholders to approve the scheme at the Court Meeting, where approval is required from shareholders representing 75% of the value of shares voted. Shareholders must also approve resolutions at the General Meeting, in addition to the required regulatory and antitrust approvals. The scheme document, including details of the transaction and notices of the shareholder meetings, is expected to be sent within 28 days of the announcement or at a later date agreed by the Takeover Panel. The announcement expects the scheme to become effective during the first half of 2027, subject to the conditions being satisfied or waived, with the document to include the detailed timetable.