NATIONAL Express advanced into Spain yesterday with a £262m deal to create Europe's largest coach and bus operator.
The acquisition of Alsa - one of Spain's leading coach businesses - adds a fleet of 1,400 vehicles, plus 3,100 employees responsible for 93 million passengers a year.
National said the deal gave it immediate scale in Europe's third largest coach market, with an extensive national and regional network.
The tie-up will provide a windfall for the founding family of Alsa, who as owners will receive £149m in cash plus 9.9 per cent of the UK company's shares. The Alsa business has bus operations in Portugal and Morocco.
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