Group’s directors support cash offer from German asset manager DWS, scuppering National Express merger that would have seen redundancies
Stagecoach looks set to retain its independence after receiving a rival £595m cash bid from German asset manager DWS, trumping a takeover offer from its UK rival National Express.
The bus, coach and tram operator said the deal would provide “greater certainty over the future, with overall headcount in frontline operational roles expected to remain the same”.
Stagecoach’s existing headquarters in Perth, London and Stockport, and related roles, will be retained. Chief executive Martin Griffiths, finance director Ross Paterson and UK managing director Carla Stockton-Jones would remain with the business.
We believe it will open a new and exciting chapter for Stagecoach, backed by a team who share our vision for a more sustainable future
Commenting on the offer, Griffiths said: “We believe it will open a new and exciting chapter for Stagecoach, backed by a team who share our vision for a more sustainable future.”
The proposed merger with National Express, which had been recommended by Stagecoach’s management, would have seen Griffiths and Paterson depart, along with further headcount reductions to unlock synergies.
Stagecoach said DWS, which also has a stake in Yorkshire Water, was a “patient long term infrastructure investor”.
Hamish Mackenzie, head of infrastructure at DWS said: “Stagecoach is a fantastic business with an exciting future as a central player in a revitalised UK bus and coach market … We are focused on supporting Stagecoach and its management team to deliver their strategy for the benefit of passengers, local communities and employees, as well as helping achieve ambitious plans for reaching Net Zero.”.
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