CMC Group and Asterion Industrial Partners have agreed to acquire Mobico Group through Leita Mobility in a recommended cash transaction carrying an implied enterprise value of approximately £2.32 billion.
Mobico shareholders would receive 46 pence in cash for each share, valuing the company’s issued and to-be-issued ordinary share capital at approximately £308 million.
The offer represents a 55.1% premium to Mobico’s October 20 closing price and a 93.3% premium to its August 3 closing price, before Autobuses de León submitted its initial proposal.
Leita Mobility is an indirect subsidiary of Autobuses de León, which is owned 50.1% by CMC Group and 49.9% by Asterion Industrial Infra Fund III.
CMC Group is the Cosmen family office and has been a major Mobico shareholder since 2005. It currently holds approximately 26% of the company.
Asterion manages approximately $10 billion across infrastructure funds and related co-investment vehicles, with investments spanning energy, digital infrastructure, utilities, and mobility.
Mobico operates coach, rail, bus, shuttle, and paratransit services across Europe, the U.S., North Africa, and the Middle East.
The company has approximately 30,000 employees and around 13,400 vehicles and operates services across 40 major cities in 11 countries.
The buyers intend to combine Mobico with Autobuses de León’s existing Malta and Cyprus bus concession operations, creating a more diversified mobility platform with a larger proportion of contracted and concession-backed businesses.
Private ownership is also expected to give Mobico greater flexibility to restructure its capital base and invest over a longer time horizon.
Mobico reported net debt of approximately £1.13 billion as of March 31, 2026, while its independent directors said refinancing requirements and legacy liabilities have constrained the company’s financial flexibility.
The acquisition is expected to become effective during the first half of 2027, subject to shareholder, court, regulatory, and antitrust approvals.
Mobico’s independent directors intend to unanimously recommend the transaction.
KEY QUOTES:
“Our family has been a supportive, long term shareholder of Mobico since 2005. We have great confidence in the company, its management team and its future.”
Felipe Cosmen Menéndez-Castañedo, Vice Chairman Of CMC Group
“Mobico is an attractive transport infrastructure business, with contracted and concession-backed activities that are closely aligned with Asterion’s investment strategy.”
Jesús Olmos, Chief Executive Officer Of Asterion
“We believe the offer represents a good outcome for Mobico’s stakeholders and provides shareholders with value and certainty.”
Phil White, Non-Executive Chair Of Mobico
