Mobico Group and the Potential Acquisition by Autobuses de León
The British transportation company Mobico Group, which is publicly traded in London and owns the bus operator Alsa, has announced on October 21, 2026, that it has received a buyout proposal from the Spanish company Autobuses de León. This potential acquisition could significantly alter the shareholding structure of the transport operator, particularly in Morocco, where it operates in key cities such as Casablanca and Rabat.
Autobuses de León has put forth an offer valued at approximately £282.5 million (around 3.7 billion dirhams) for the 614 million outstanding shares of Mobico. Independent directors at Mobico have reviewed this proposal in conjunction with their advisors and expressed their willingness to recommend the proposed price, provided that the final conditions are satisfactory. However, this willingness is contingent upon receiving a firm offer and reaching an agreement on its financial and legal terms.
Alsa's Operations and Financial Adjustments in Morocco
The potential acquisition comes at a time when Mobico's Moroccan operations have undergone significant contractual changes in 2025. That year, Alsa reported a revenue of €151.6 million (1.64 billion dirhams) in Morocco, achieving an adjusted operating profit of €8 million (86.5 million dirhams), which was €4.7 million lower than the previous year's results. Mobico's financial statements indicate that the revision of their commitments resulted in a new agreement in Casablanca and the transfer of personnel and assets to Marrakech and Tangier, following the loss of two urban contracts.
According to audited financial accounts released on July 29, Alsa will continue to manage the revised contract for Casablanca until 2029 and the Rabat contract until 2034. Notably, the Rabat contract benefited from an agreed fare increase in July 2025. Over the fifteen months ending March 31, 2026, Moroccan services transported 371.9 million passengers, a decline compared to 426.1 million during the same period the previous year, representing a decrease of 12.7%. During these fifteen months, the Moroccan revenue reached €177 million (1.91 billion dirhams).
The loss of contracts in Marrakech and Tangier, which were transferred to new operators in December 2025, resulted in a reduction of €11 million in revenues for the first quarter of 2026 and approximately €3 million in adjusted operating profit, according to Mobico's calculations. However, in its financial communication dated September 8, the group highlighted that the reduction in its Moroccan operations by the end of 2025 was more than compensated for by growth in other regions, with Alsa’s revenue increasing by 8% in the second quarter of 2026, boosted by contributions from its now-integrated UK coach operations.
The buyout proposal was put forward by Autobuses de León, a company jointly owned by CMC Group, linked to the Spanish Cosmen family, and Asterion Industrial Partners Fund III, an investment fund managed by the Madrid-based Asterion Industrial Partners, overseeing €8.3 billion in assets. The Cosmen family had previously sold Alsa to the British group in 2005 and remains its largest shareholder through CMC Group, holding 26% of the capital. Jorge Cosmen, a member of Mobico's board, has been excluded from the group of independent directors tasked with evaluating the proposal.
It is essential to note that this transaction is still subject to further financial due diligence and the submission of a formal commitment. Autobuses de León has until November 18, under UK takeover rules, to announce a firm offer or withdraw its proposal, with the possibility of an extension. Mobico emphasizes that there is no guarantee that a firm offer will be made. The proposed amount corresponds to the share value and must be distinguished from the group's adjusted net debt, which stood at £1.13 billion as of March 31.
As reported by barlamane.com.
