LONDON (dpa-AFX) - FirstGroup plc (FGROY.PK, FGROF.PK, FGP.L), on Friday, announced the signing of an agreement to acquire York Pullman Bus Company Ltd., to enhance the First Bus operational footprint in the North Yorkshire region and provide profitable growth opportunities in adjacent services markets.
The acquisition is expected to be completed in the next few weeks subject to customary regulatory review. Following the completion of the acquisition, the company projects its FY 2024 year-end adjusted net cash position to be £60 million - £70 million, with c.£30 million of the ongoing share buyback programme still to be completed.
Graham Sutherland, FirstGroup Chief Executive Officer said, 'A key pillar of our strategy is to grow and diversify our portfolio. The acquisition of York Pullman, a long- established, high-performing business fits well with our strategy as it will both enhance the First Bus operational footprint in North Yorkshire and expand our adjacent services business, where we are looking to grow our presence.'
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