National Express Group PLC Completion of acquisition (6982W)
February 13 2017 - 2:00AM
UK Regulatory
TIDMNEX
RNS Number : 6982W
National Express Group PLC
13 February 2017
Completion of acquisition of c2c franchise by Trenitalia
Further to the announcement on 11 January 2017 that National
Express Group PLC ("National Express") had reached an in principle
agreement for Trenitalia to acquire the c2c rail franchise,
National Express is pleased to announce that the transaction
completed on 10 February 2017, with Trenitalia assuming immediate
responsibility for operations.
Completion of the acquisition was triggered after the Department
for Transport granted final consent to proceed.
The total consideration for the franchise was GBP72.6 million,
resulting in a small net profit for National Express. In addition,
Trenitalia's parent company, FS Italiane, paid GBP35.0 million to
settle an existing intercompany liability due from the franchise at
the date of sale.
Dean Finch, CEO of National Express Group, said: "I am pleased
we have closed this deal and thank all those involved in making it
possible. This sale provides National Express with the opportunity
to invest further in our strong pipeline of growth opportunities in
markets where we consistently receive strong returns.
"I wish our former c2c colleagues and Trenitalia all the best
for the future as they take control of consistently the best
performing franchise in the country."
National Express will issue its Full Year Results on 23 February
2017 and will provide more detail on the financial implications of
this acquisition in this statement.
For further information:
National Express Group PLC
Matthew Ashley, Group Finance Tel: +44 (0) 121
Director 460 8657
Anthony Vigor, Director of Tel: +44 (0) 121
Policy and External Affairs 460 8401
Email: anthony.vigor@nationalexpress.com Mob: +44 7767 425822
Maitland
Rebecca Mitchell/ Neil Bennett Tel: +44 (0) 207
379 5151
Email: natexp-maitland@maitland.co.uk Mob: +44 7951 057351
About c2c
c2c operates services between Fenchurch Street and Shoeburyness,
serving 26 stations in East London and South Essex.
c2c has consistently delivered the best performance in the UK
rail industry, holding the UK records for annual punctuality
(97.5%) and 4-weekly punctuality (98.8%) by a franchised train
operator.
About National Express Group
National Express Group is a leading public transport operator
with bus, coach and rail services in the UK, Continental Europe,
North Africa, North America and the Middle East. The Group has a
fleet of over 27,000 vehicles and more than 867 million journeys
are made on National Express Services each year. National Express
Group is quoted on the London Stock Exchange (NEX.L), and is a
constituent of the FTSE 250 with 2015 underlying revenue of GBP1.9
billion. Further information on National Express Group can be found
at: http://www.nationalexpressgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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