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Mar 2020

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(Credit: Bus World)

12 Mar 2020

FirstGroup to sell US divisions

Shares in FirstGroup edged higher after the transport provider said it had received ‘significant interest’ from potential bidders for its US school bus operations.

The company — based in Aberdeen, northeastern Scotland — effectively put its First Student and First Transit divisions up for sale in December 2019.

A FirstGroup bus
The US businesses carry six million children in 60,000 yellow buses each day
(Credit: First Glasgow)

The firm has now confirmed it is pressing ahead with a planned sale, sending its shares up 0.9%, or 0.9p, to 102.2p.

The move follows calls by activist investor Coast Capital to sell the US units. The fund, which holds more than 10% of First’s shares, threatened a special shareholder meeting for investors if it did not get its way.

FirstGroup said last December that a sale was one possible option.

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