FlixMobility buys Greyhound bus service, expanding US reach

By AP News

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German transportation company FlixMobility is buying Greyhound's bus operations in the U.S. in order to strengthen its position in the country.

FILE - A Greyhound bus driver wears a protective mask and gloves as he prepares to depart a station in downtown San Antonio, in this Monday, March 30, 2020, file photo. German transportation company FlixMobility is buying Greyhound's bus operations in the U.S. in order to strengthen its position in the country. (AP Photo/Eric Gay, File)

German transportation company FlixMobility is buying Greyhound's bus operations in the U.S. in order to strengthen its position in the country.

The purchase price is $140 million cash plus another $32 million to be paid in installments over 18 months.

FlixBus Global serves more than 2,500 destinations in 36 countries outside the U.S. with 400,000 daily connections. It started its U.S. business in 2018 with destinations across the Southwest, including Los Angeles, Las Vegas and Phoenix. Since then the company has expanded its operations to facilitate travel between additional cities in the Southwest, South, Northeast and Pacific Northwest.

Greyhound, founded in 1914, currently connects approximately 2,400 destinations across North America, with nearly 16 million passengers each year. It has been owned since 2007 by FirstGroup PLC of Aberdeen, Scotland. FirstGroup said it will keep some Greyhound-related property and lease it back to the buyer.

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Author: AP News

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Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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