4th Aug 2005 09:00
National Express Group PLC04 August 2005 4th August 2005 National Express Group PLC National Express Group expands its presence in the Canadian school bus market through acquisition National Express Group PLC ("the Group"), the third largest operator of schoolbuses in North America, today announces it has acquired Northstar, the schoolbus operation of Contrans Income Fund ("Contrans"), a Canadian freight haulagecompany quoted on the Toronto Stock Exchange, for a cash consideration of £26million (C$56 million). The acquisition, which is expected to be earningsenhancing in the current year, will increase the presence of the Group'sexisting student bus operation, Stock Transportation ("Stock") in the Canadianschool bus market. Northstar operates 800 school buses and has 850 employees. It serves 12 schoolboards around Southern Ontario and provides entry into new areas such as SimcoeCounty, north of Toronto. The acquisition of Northstar consolidates the Group's position as the thirdlargest student transportation operator in North America. The acquisition willbe integrated into Stock Transportation. Commenting on the acquisition Phil White, Chief Executive, National ExpressGroup said: "Following last week's conditional disposal of our Public Transit operations, weare delighted to announce a further expansion to our existing school busoperations in North America. The acquisition of Northstar consolidates ourposition in Canada and builds on the momentum we have achieved over the past twoyears. Northstar has a significant operation in Ontario where we wish to growour presence. We welcome the Northstar management team to the Group and lookforward to working with them on developing the enlarged business." - ENDS - For further information: Adam WalkerNicola MarsdenNational Express Group PLC 020 7529 2000 Ben Foster/Dido LaurimoreFinancial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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