EQT Infrastructure has been given the green light by FirstGroup’s shareholders to acquire First Student, the largest provider of school bus services in the United States, and First Transit, a leading provider of public transportation contracting and management services.
The transaction is the result of a highly competitive process run by three of the world's major investment banks. Ultimately, EQT had to go well above the offer that was leaked in January, resulting in a 13 percent increase in the price of FirstGroup's shares at that time.
With plans to spend more than $1 billion on electric buses in the coming years, EQT said it was an ideal counterparty for this transaction. The company’s focus on sustainability will allow it to support First Student and First Transit's transition away from fossil fuels.
“EQT Infrastructure remains excited about the future partnership with management and the ambition is to support the realization of the full potential of