CVC-Cosmen consortium eyes National Express
28 Jul 2009
A consortium comprising CVC Capital Partners, one of the world's largest private equity firms, and Cosmen family, the largest shareholder of the National Express Group plc, plans to acquire National Express, one of the world's leading transport providers with operations in the UK, North America and Spain.
A National Express press release yesterday confirmed that it has received an indicative proposal from the consortium to acquire the entire share capital of the National Express Group for cash. Currently Cosmen family hold's 18.6 per cent stake in the Group.
The CVC-Cosmen consortium entered the acquisition race after the UK rival First Group pulled out from talks with National Express due to business uncertainties.
The bidder has set a number of pre-conditions and assumptions which are being evaluated by the independent board of the National Express, the statement said.
National Express is one of the world's leading public transport groups with an annual turnover of $4.3 billion and has major presence in UK, North America and Spain. The group provides bus, coach and train services with a fleet of around 18,000 vehicles and 43,000 employees.
National Express' non-executive deputy chairman, Jorge Cosmen did not participate in the board discussions relating to the consortium's offer.