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Completion of acquisition from Coach America

Completion of acquisition of businesses and assets from Coach America

Stagecoach Group plc is pleased to announce that, further to its announcement on 18 May 2012,  certain of its subsidiaries (together, "Stagecoach") have completed the acquisition of businesses and assets from Coach America, Inc. ("Coach America").

As previously announced, nine businesses and related assets and liabilities have been acquired for a cash consideration of US$134.2m.   The consideration will be potentially adjusted based on the working capital of the acquired businesses and US$3.0m of the US$134.2m consideration is being held in escrow pending the finalisation of any working capital adjustment.

 

In addition, in its announcement of 18 May 2012, Stagecoach confirmed that the Sellers had the option to sell certain coaches to Stagecoach for a cash consideration of up to US$25.6m.  To date, Stagecoach has acquired a further 12 coaches for a cash consideration of US$2.9m and the Sellers retain the option to sell vehicles to Stagecoach for the balance of the potential cash consideration (i.e. up to the US$22.7m).


The transaction has been financed from available, committed bank facilities.

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