LONDON (dpa-AFX) - FirstGroup plc (FGROY.PK, FGROF.PK, FGP.L), on Thursday, announced the sale of Greyhound Lines Inc. to a wholly-owned subsidiary of FlixMobility GmbH, completing its stated strategy to focus on its UK public transport businesses.
The transaction resulted in cash consideration to the Group of $172 million, comprising $140 million paid initially, with $32 million in unconditional deferred consideration paid in instalments over eighteen months.
The $140 million of Greyhound initial cash proceeds would be retained by the Group to support the close-out of the legacy liabilities and related net costs, with the balance of the property proceeds and deferred consideration resulting in about $178 million in net value for the Group being realised over time.
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