Post by bob on Feb 9, 2007 10:08:42 GMT -6
LONDON - Britain's FirstGroup PLC is buying Greyhound bus operator Laidlaw International, which is also North America's largest school bus operator, for about $2.8 billion.
Under the deal announced Friday has agreed to pay $35.25 a share, 11 percent above Thursday's closing price for Naperville, Ill.-based Laidlaw. It will also assume about $800 million in debt in the deal.
FirstGroup is Britain's largest bus operator and already has a sizeable presence in North America.
"FirstGroup's acquisition of Laidlaw will considerably enhance FirstGroup's existing activities in North America, which themselves have grown strongly since we first invested in the U.S. in 1999," said FirstGroup Chief Executive Moir Lockhead.
Under the deal announced Friday has agreed to pay $35.25 a share, 11 percent above Thursday's closing price for Naperville, Ill.-based Laidlaw. It will also assume about $800 million in debt in the deal.
FirstGroup is Britain's largest bus operator and already has a sizeable presence in North America.
"FirstGroup's acquisition of Laidlaw will considerably enhance FirstGroup's existing activities in North America, which themselves have grown strongly since we first invested in the U.S. in 1999," said FirstGroup Chief Executive Moir Lockhead.
www.miami.com/mld/miamiherald/business/national/16661986.htm
All bus drivers will now speak with an English accent.
