Mobico Group PLC (LSE:MCG) has agreed to a recommended cash acquisition by Leita Mobility Limited, a subsidiary of Autobuses de León (AdL), in a transaction valuing the international transport operator’s equity at approximately £308 million.
The offer, backed by the Cosmen family’s CMC Group and infrastructure investor Asterion, provides Mobico shareholders with 46 pence in cash for each share held.
The transaction implies an enterprise value of approximately £2.32 billion, including the group’s debt and other enterprise value adjustments.
Cash Offer Represents 55.1% Premium to Mobico Share Price
The proposed acquisition price of 46 pence per share represents a premium of approximately 55.1% to Mobico’s closing share price of 29.7 pence on 20 October 2026, the final business day before the offer period began.
It also represents a 93.3% premium to the closing price of 23.8 pence on 3 August 2026, before AdL submitted its initial proposal.
Compared with Mobico’s three-month volume-weighted average share price of 25.2 pence, the offer represents an 82.8% premium, rising to 89.3% against the six-month average of 24.3 pence.
The implied enterprise valuation represents approximately 11.7 times Mobico’s adjusted EBIT of £198 million for the 12 months ended 31 December 2025.
Mobico Independent Directors Recommend Acquisition
Mobico’s independent directors intend to recommend unanimously that eligible shareholders approve the transaction.
The directors received financial advice from BofA Securities and concluded that the offer terms were fair and reasonable.
Directors holding approximately 1.19 million Mobico shares, representing around 0.2% of the company’s issued share capital, have provided irrevocable commitments to support the acquisition.
Additional undertakings have been secured from shareholders holding approximately 160.7 million shares, representing 26.2% of Mobico’s issued capital. These shareholders are not entitled to vote at the court meeting but have committed to support the relevant resolutions at the general meeting.
In total, irrevocable undertakings cover approximately 26.4% of Mobico’s issued shares.
Cosmen Family and Asterion Plan Combined Transport Business
AdL is owned 50.1% by the Cosmen family’s CMC Group and 49.9% by Asterion Industrial Infra Fund III.
The CMC Group has been a significant Mobico shareholder since 2005 and currently owns approximately 26% of the company.
AdL operates bus concession businesses in Malta and Cyprus, which generated combined revenue of approximately €187 million in 2025.
The consortium intends to combine these operations with Mobico’s international transport activities and support improvements in operational efficiency and financial flexibility.
Mobico operates coach, bus, rail, shuttle and paratransit services across 11 countries, employing approximately 30,000 people and operating around 13,400 vehicles.
The acquiring consortium believes private ownership would provide greater flexibility to address Mobico’s debt position and pursue longer-term investment plans.
Acquisition Subject to Shareholder and Court Approval
The transaction is expected to be implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
Completion remains subject to the necessary shareholder approvals, court sanction and other applicable conditions.
Leita Mobility retains the option to implement the acquisition through a takeover offer instead, subject to the required consents and agreed terms.
If completed, the acquisition would bring Mobico under the ownership of the Cosmen family and Asterion-backed transport investment platform.
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