We are advising FirstGroup on the transaction

Davis Polk is advising FirstGroup plc in connection with the sale of First Transit by EQT Infrastructure to Transdev North America, Inc. As part of FirstGroup’s sale of First Transit to EQT Infrastructure in July 2021, FirstGroup is entitled to an earnout consideration, which is calculated as a percentage of the realized equity value on the sale by EQT and contemplating the cash flows generated by First Transit since March 2021 to closing of the sale of First Transit by EQT. The transaction is subject to customary closing conditions and approvals and is expected to close early in 2023. Financial terms of the transaction were not disclosed.

FirstGroup is a leading private sector provider of public transport services in the United Kingdom. FirstGroup operates through its First Bus and First Rail segments. The First Bus segment offers local bus services with a fleet of approximately 4,900 buses in the United Kingdom. The First Rail segment operates a passenger rail network that provides long-distance, commuter, regional, and sleeper services through a portfolio of Great Western Railway, South Western Railway, TransPennine Express and Avanti West Coast franchises.

Founded in 1955 and headquartered in Cincinnati, Ohio, First Transit provides operation, management and consulting for more than 300 locations in 41 states, four Canadian provinces and Puerto Rico for transit authorities, state departments of transportation, municipalities, universities, airports and private companies.

EQT is a purpose-driven global investment organization with €77 billion in assets under management as of 30 June 2022, across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately €29 billion and more than 280,000 employees.

Transdev North America, headquartered in Lombard, Illinois, offers public transit solutions in the United States. With more than 12,000 employees and a fleet of 6,300 vehicles (owned or operated), of which some 100 are ZEV, serving over 200 communities, Transdev U.S. carries out 180 million trips per year.

The Davis Polk corporate team includes partner Phillip R. Mills and counsel Ajay B. Lele. Partner William A. Curran is providing tax advice. The litigation team includes partner Andrew Ditchfield. All members of the Davis Polk team are based in the New York office.

Copy link to share post