CMC Group and Asterion to buy Mobico for £2.32 billion

By Grace Kim

CMC Group and Asterion Industrial Partners have agreed to acquire Mobico Group through Leita Mobility in a recommended cash transaction with an implied enterprise value of approximately £2.32 billion. Under the proposal, Mobico shareholders would receive 46 pence in cash per share, valuing the company’s issued and to-be-issued ordinary share capital at approximately £308 million.

What does the offer pay shareholders?

The proposed 46-pence price represents a 55.1% premium to Mobico’s October 20 closing price. It represents a 93.3% premium to the August 3 closing price, measured before Autobuses de León submitted its initial proposal.

Mobico’s independent directors intend to recommend the transaction unanimously. Phil White, Non-Executive Chair Of Mobico, said:

“We believe the offer represents a good outcome for Mobico’s stakeholders and provides shareholders with value and certainty.”

Takeaway: The cash offer is 93.3% above the pre-proposal August 3 close, and independent directors intend to recommend it unanimously.

Who is behind the transaction?

Leita Mobility sits under Autobuses de León as an indirect subsidiary. CMC Group owns 50.1% of Autobuses de León, while Asterion Industrial Infra Fund III owns 49.9%.

CMC Group is the Cosmen family office and has been a major Mobico shareholder since 2005. It currently holds approximately 26% of Mobico.

Felipe Cosmen Menéndez-Castañedo, Vice Chairman Of CMC Group, said:

“Our family has been a supportive, long term shareholder of Mobico since 2005. We have great confidence in the company, its management team and its future.”

Asterion manages approximately $10 billion across infrastructure funds and related co-investment vehicles. Its investments span energy, digital infrastructure, utilities and mobility.

Takeaway: The buyer group pairs CMC Group’s approximately 26% Mobico holding with an infrastructure manager overseeing roughly $10 billion.

What does Mobico bring to the transaction?

Mobico operates coach, rail, bus, shuttle and paratransit services across Europe, the U.S., North Africa and the Middle East. The company has approximately 30,000 employees and around 13,400 vehicles, with services across 40 major cities in 11 countries.

Jesús Olmos, Chief Executive Officer Of Asterion, said:

“Mobico is an attractive transport infrastructure business, with contracted and concession-backed activities that are closely aligned with Asterion’s investment strategy.”

CMC Group and Asterion Industrial Partners intend to combine Mobico with Autobuses de León’s existing Malta and Cyprus bus concession operations. They say the combination would create a more diversified mobility platform with a larger proportion of contracted and concession-backed businesses.

Takeaway: The combination would add Mobico’s 13,400 vehicles and 11-country footprint to existing Malta and Cyprus bus concessions.

What is Mobico’s debt position?

Mobico reported net debt of approximately £1.13 billion as of March 31, 2026. Its independent directors said refinancing requirements and legacy liabilities had constrained the company’s financial flexibility.

CMC Group and Asterion Industrial Partners expect private ownership to give Mobico greater flexibility to restructure its capital base and invest over a longer time horizon.

Takeaway: Mobico’s £1.13 billion of net debt makes refinancing flexibility central to the buyers’ private-ownership case.

When can the transaction become effective?

CMC Group and Asterion Industrial Partners expect the acquisition to become effective during the first half of 2027. The transaction requires shareholder, court, regulatory and antitrust approvals.

The next test for the 46-pence cash offer is shareholder approval, with court, regulatory and antitrust clearances also required before the planned first-half 2027 effective date.