German transport company FlixMobility has bought U.S. bus company Greyhound from Britain’s FirstGroup for an enterprise value of about $46 million, it said on Thursday (October 21).
UK train and bus operator FirstGroup has been looking for a buyer for Greyhound since before the pandemic began and the sale will mark its exit from international markets following the sale of its U.S. bus operations to private-equity firm EQT earlier this year.
FlixMobility is best known for its FlixBus intercity bus brand.
The company said in June it had raised $650 million in equity and debt financing from investors in a round that valued the business at more than $3 billion.
The fundraising would allow FlixMobility to grow as key markets in Europe and the United States emerged from the coronavirus pandemic and people started travelling more, its founders AndrÃ© Schwaemmlein and Jochen Engert told reporters at the time.
FlixMobility said it would invest the proceeds in expanding its network in pursuit of becoming the market leader in Britain, the United States and Portugal, and is expanding its market lead in Turkey, France and Eastern Europe.
It will also invest in its FlixTrain services in Germany and Sweden.