I Squared Capital to acquire the North America school bus business of Mobico Group for $608m.

I Squared Capital, a global infrastructure investment manager, agreed to acquire the North America school bus business of Mobico Group, a UK-based public transport company, for $608m. "This agreement is a significant milestone for Mobico. It is a first step in strengthening the Group's balance sheet and will allow us to reallocate resources away from a capital-intensive business as we focus on continued deleveraging alongside funding our pipeline of growth opportunities, especially in ALSA. The Transaction follows a comprehensive process and reflects the work that has been carried out with the School Bus management team to improve its performance over the last 18 months as well as the ongoing headwinds. In I Squared, we have found an owner with considerable experience in the sector that will invest in the future of the business. We are continuing to review options to further accelerate the Group's debt reduction and deleveraging," Ignacio Garat, Mobico CEO.