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
The U.S. Food and Drug Administration approved Regeneron Pharmaceuticals, Inc.'s Dupixent (dupilumab) to treat eosinophilic esophagitis or EoE, a chronic immune disorder. It is the first FDA approval to treat EoE in adults and pediatric patients 12 years and older weighing at least 40 kilograms. Food products maker J. M. Smucker Co. has recalled select Jif peanut butter products sold in the United States due to potential Salmonella contamination, the U.S. Food and Drug Administration said. The recall involves various creamy, crunchy, natural, no added sugar, and reduced fat peanut butter, among others with lot codes 1274425 - 2140425. Smithfield Packaged Meats Corp. is recalling around 185,610 pounds of ready-to-eat or RTE bacon topping products citing the possible contamination with extraneous materials, specifically metal, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced.
RELATED NEWS
Follow RTT