StockMarketWire.com - Transport company FirstGroup said it had sold Greyhound Lines to its subsidiary FlixMobility in a deal worth $172 million, completing its stated strategy to focus on its leading UK public transport businesses.

Under the terms of the deal, the Greyhound properties - with an estimated net market value of about $176 million - will leased back to Greyhound at market rates but were expected to be sold over the next three to five years.

A further $1.5 million may was also payable, depending on the specific agreement of the particular property lease.

'This transaction realises an appropriate value for Greyhound's operations and ensures Greyhound's legacy liabilities are suitably managed,' the company said.







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