StockMarketWire.com - National Express said it had bought a 60% stake in Silicon Valley employee shuttle company WeDriveU Holdings for $84.3m.

The UK bus and train company also has an option to acquire the remaining shares from WeDriveU's senior management team in tranches over the next three years.

The price paid for the first 60% represented a multiple of time times rolling 12-month Ebitda.

WeDriveU transports almost 7m passengers a year through its shuttle services to many of the largest companies based in Silicon Valley and the broader San Francisco Bay Area, the company said.

It also has a presence in other US cities, such as Los Angeles, Seattle, Boston, Portland, Denver and Austin.

'As the premier operator in Silicon Valley and the wider San Francisco Bay Area, WeDriveU provides the opportunity for expansion into a fast-growing market,' chief executive Dean Finch said.

'WeDriveU also has a presence in other fast-growing cities in the US, which present other platforms for growth in this very attractive market.'



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