Business · Companies · 3 hrs ago
Cosmen family and Asterion plan €2.7 billion financing for Mobico bid
The Cosmen family and Asterion are seeking to buy all of Mobico, the London-listed parent company of Spanish bus operator Alsa.
The buyers already own 26% of Mobico, and their joint company, Autobuses de León, is making the offer.
They are arranging about €2.7 billion in financing, though the breakdown is not settled: the story cites about €900 million from investors and gives debt estimates of both €1.6 billion and €1.8 billion.
Santander, CaixaBank and Japan’s MUGF have been hired to arrange the bank financing.
The money is intended to pay for the remaining shares, refinance Mobico’s debt and cover takeover costs, while leaving funds for growth.
The buyers also face a decision on Mobico’s hybrid bonds: keeping them is an option, but not doing so would raise their interest rate by five percentage points.
The deal is expected to close in the first half of 2027, and Mobico would leave the London Stock Exchange if the takeover succeeds.
The Cosmen family and Asterion are arranging about €2.7 billion in financing for their proposed purchase of Mobico.
The financing is expected to include about €900 million in equity and around €1.8 billion in debt, according to the detailed breakdown in Expansión.
The article’s opening summary instead puts the debt at €1.6 billion.
Santander, CaixaBank and Japan’s MUGF have been hired to arrange the debt.
The buyers plan to acquire the shares they do not already control, refinance Mobico’s debt and fund growth.
- Who
- The Cosmen family and investment fund Asterion.
- What
- They are arranging financing for a proposed purchase of all of Mobico.
- When
- The deal is expected to be completed in the first half of 2027.
- Where
- Mobico is listed on the London Stock Exchange; the financing is to be denominated in euros.
- Why
- To buy the shares they do not control, refinance Mobico’s debt, pay takeover costs and fund growth.
This story does not have two clearly opposing sides.
Mobico launched the hybrid bond issue with an initial interest rate of 4.25%.
Asterion invested €288 million in Autobuses de León and received 49.9% of the company.
The purchase is expected to be completed.
- Planned financing
- About €2.7 billion
- Equity contribution
- About €900 million
- Debt estimate
- About €1.8 billion in the detailed breakdown; the article’s opening summary says €1.6 billion
- Arrangers
- Santander, CaixaBank and MUGF
- Cosmen family’s existing stake
- 26% of Mobico
- Mobico gross debt
- £1.381 billion, or €1.657 billion
What people are saying
AdL intends to support Mobico through a sustainable capital structure, with the financial flexibility required to invest in the business and pursue sustainable long-term growth