logo
  

FirstGroup Plc Announces Sale Of Greyhound Lines To FlixMobility

FirstGroup plc (FGROY.PK,FGROF.PK,FGP.L), on Thursday, announced the sale of Greyhound Lines Inc. to a wholly-owned subsidiary of FlixMobility GmbH, completing its stated strategy to focus on its UK public transport businesses.

The transaction resulted in cash consideration to the Group of $172 million, comprising $140 million paid initially, with $32 million in unconditional deferred consideration paid in instalments over eighteen months.

The $140 million of Greyhound initial cash proceeds would be retained by the Group to support the close-out of the legacy liabilities and related net costs, with the balance of the property proceeds and deferred consideration resulting in about $178 million in net value for the Group being realised over time.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Google, owned by Alphabet Inc., plans to merge its teams working on Maps products and the mapping service Waze with effect from December 9, reports said. The decision to consolidate processes comes as the search giant is facing pressure to streamline operations and cut costs. The restructuring is expected to reduce overlapping work across the Waze and Maps products. The Pentagon announced that up to $9 billion worth of cloud-computing contracts were awarded to Google, Oracle, Amazon, and Microsoft. In a statement, the U.S. Department of Defense said, "The purpose of this contract is to provide the Department of Defense with enterprise-wide, globally available cloud services across all security domains and classification levels..." Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process.
RELATED NEWS
Follow RTT