Dec 14, 2021
Stagecoach and National Express agree to merge
Rival bus groups Stagecoach and National Express have agreed to merge. Under the deal, National Express shareholders would own about 75% of the combined group and Stagecoach 25%.The proposal, which will be voted on by shareholders, values Perth-based Stagecoach at about £437m.About 50 jobs are expected to be cut from the head offices, IT and corporate departments of the two firms, under plans to slash annual costs by at least £45m following the merger. National Express wants to tie its commuter and shuttle bus operations into Stagecoach's city and town services, and to use the Scottish firms network of depots. Stagecoach chairman Ray O'Toole will become chairman of the merged group, while National Express chief executive Ignacio Garat will keep the same role at the merged firm. Stagecoach chief executive Martin Griffiths said: "This is an exciting opportunity to bring together two of the UK's iconic transport brands to create a strong, diverse business that is well-placed to grow the market for greener and smarter public transport for the benefit of all stakeholders."
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