Business
Completion of acquisition
Completion of acquisition.
About this update from Mobico Group Plc
[{"type":"text","content":"\n \nRNS Number : 6982W National Express Group PLC 13 February 2017 \n\nCompletion of acquisition of c2c franchise by Trenitalia\n \nFurther to the announcement on 11 January 2017 that National Express Group PLC (\"National Express\") had reached an in principle agreement for Trenitalia to acquire the c2c rail franchise, National Express is pleased to announce that the transaction completed on 10 February 2017, with Trenitalia assuming immediate responsibility for operations.\n \nCompletion of the acquisition was triggered after the Department for Transport granted final consent to proceed. \n \nThe total consideration for the franchise was £72.6 million, resulting in a small net profit for National Express. In addition, Trenitalia's parent company, FS Italiane, paid £35.0 million to settle an existing intercompany liability due from the franchise at the date of sale.\n \nDean Finch, CEO of National Express Group, said: \"I am pleased we have closed this deal and thank all those involved in making it possible. This sale provides National Express with the opportunity to invest further in our strong pipeline of growth opportunities in markets where we consistently receive strong returns. \n \n\"I wish our former c2c colleagues and Trenitalia all the best for the future as they take control of consistently the best performing franchise in the country.\"\n \nNational Express will issue its Full Year Results on 23 February 2017 and will provide more detail on the financial implications of this acquisition in this statement.\n \nFor further information:\n\n\n\n\nNational Express Group PLC\n\n\n\n\n\n\n\nMatthew Ashley, Group Finance Director\n\n\nTel: +44 (0) 121 460 8657\n\n\n\n\n\n\n\n\n\n\n\n\nAnthony Vigor, Director of Policy and External Affairs\n\n\nTel: +44 (0) 121 460 8401\n\n\n\n\nEmail: [email protected]\n\n\nMob: +44 7767 425822\n\n\n\n\n\n\n\n\n\n\n\n\nMaitland\n\n\n\n\n\n\n\nRebecca Mitchell/ Neil Bennett\n\n\nTel: +44 (0) 207 379 5151\n\n\n\n\nEmail: [email protected]\n\n\nMob: +44 7951 057351\n\n\n\n\n \nAbout c2c\nc2c operates services between Fenchurch Street and Shoeburyness, serving 26 stations in East London and South Essex.\n \nc2c has consistently delivered the best perfor...