24th Jun 2025 11:56
(Alliance News) - Mobico Group PLC shares climbed on Tuesday as it said it expects to close the sale of its North America School Bus business in July, and appointed Brian Egan as its new chief financial officer.
The Birmingham, England-based public transport operator said Egan has 25 years of CFO experience and has held positions at Jefferson Smurfit & Sons Ltd, Petropavlovsk PLC, Dangote Cement PLC and Coca-Cola Co.
Egan replaced Helen Cowing on Tuesday, who has served as CFO on an interim basis for the last year.
"We are delighted that Brian will be joining us immediately. His considerable experience working as a CFO for a number of international businesses will serve the group well and I look forward to working with him," said Executive Chair Phil White.
In April, Mobico said it had agreed to sell its North America School Bus business to private equity firm I Squared Capital for an enterprise value of up to USD608 million.
The company said it has since made "good progress" in obtaining necessary consents and approvals for the transaction to close.
The remaining approval is from the US Surface Transportation Board, which has already tentatively approved and authorised the transaction.
The approval is expected to become final in early July, Mobico added.
On that basis, Mobico said it would expect to close the sale in July. It said expected upfront net proceeds remain between USD365 million and USD385 million.
Mobico confirmed that, excluding any contribution from the school bus arm, it expects adjusted operating profit for the 2025 financial year to be between GBP180 million and GBP195 million.
Shares in Mobico were up 7.3% at 28.14 pence in London on Tuesday morning.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Mobico Group