Greyhound sale is the next step in First’s UK refocus
First Group is selling its remaining Greyhound properties in North America.
The sale of these properties is the next step in the company’s refocusing towards the UK market.
Having announced the sale of its Greyhound operation in the US to FlixBus’ owners in October 2021, FirstGroup is now to sell almost all of its remaining legacy Greyhound property portfolio to Twenty Lake Holdings for $140m net proceeds.
Following the sale, the Group’s exit from residual Greyhound assets and liabilities will be substantially complete at an aggregate net value in excess of $160m since the start of the current financial year, ahead of expectations. Closing of the sales deal is expected to occur and the proceeds received in cash in December 2022.
Graham Sutherland, FirstGroup Chief Executive Officer, said: “The sale of these residual Greyhound properties is another milestone in refocusing FirstGroup on our strong positions in bus and rail in the UK. We look forward to building on our robust platform for growth and shareholder value creation in future.”