Variant Equity acquired North America Division of Stagecoach Group for $271.4m

Stagecoach Group completed the sale of its North America Division to an affiliate of Variant Equity Advisors, for EV of $271m. The Stagecoach Board believes that the Disposal represents an opportunity to realise an attractive valuation for the business while refocusing Stagecoach's portfolio on the UK. "The sale of our North American operations will allow management to focus more closely on the significant opportunities for growth in the UK. We have strong bus and rail operations in the UK where public transport has good prospects as the clear solution to the challenges of increasing road congestion and poor air quality," said Martin Griffiths, Stagecoach Chief Executive Officer.