German investment fund DWS Infrastructure has secured enough support from Stagecoach shareholders to take over the UK-based transport group.
Stagecoach’s board accepted a £595 million takeover offer from DWS just months after previously announcing a proposed merger with UK ground transport rival National Express in December 2021.
DWS announced that shareholders accounting for 66 per cent of Stagecoach’s shares had agreed to the takeover by the deadline of 21 May and the deal had been made “unconditional”.
Hamish Mackenzie, head of infrastructure at DWS, said: “We are delighted that our acceptance condition has now been satisfied and our offer has now been declared unconditional.
“Our offer provides immediate value for Stagecoach shareholders and paves the way for the Stagecoach team to deliver enhanced services for passengers and communities across the UK.”
Stagecoach said it was “pleased” that the majority of shareholders had backed DWS’s takeover offer.
“This is a positive step for our company, our people, our investors and wider stakeholders, and we see a bright and strong future ahead for both Stagecoach and public transport as we move towards new ownership,” said the company in a statement.
Following the announcement by DWS, National Express said that its “all-share combination with Stagecoach has now lapsed”.
“The board of National Express looks forward to continuing to execute its Evolve strategy as a standalone business, with a differentiated position in the sector,” added the company.