The Cosmen family and the Asterion Industrial Partners fund are preparing a bid for 100% of Mobico for around €338 million. The preliminary offer is 46 pence per share, representing a premium of nearly 59%.
The Cosmen family, founder of Alsa, and the Asterion Industrial Partners fund are preparing a public takeover bid for 100% of the capital of Mobico, the British group that owns Alsa. According to CarrilBus, the operation is valued at around €338 million.
The preliminary proposal includes a payment of 46 pence per share, which represents a premium of nearly 59% over Mobico's opening price on the London Stock Exchange. The company's independent directors have found the offer attractive and have agreed to grant potential buyers access to a due diligence process.
The operation is non-binding. The promoters have until November 18 to submit a final offer or withdraw their interest.
Mobico integrated Alsa in 2005, when it was still operating under the name National Express. In 2025, Alsa generated £1.488 billion in revenue and an operating profit of £212 million, contributing more than half of the group's operating profit.
In contrast, the British group carries a net debt of over £1.2 billion. It closed 2025 with £2.760 billion in revenue and net losses of £801 million, despite improving its operating result. Recent divestments include the sale of its school transport business in the United States.
If the operation goes ahead, the Cosmen family would increase its control over Mobico. Together with Asterion, they could delist the group from the London Stock Exchange, where it has been listed for over three decades.
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