Scandinavian fund EQT join race for First Group’s US businesses
A Scandinavian fund has joined the bidding for transport operator First Group’s US assets, which are valued at £2.5bn.
Sky News reported that EQT Infrastructure made a $3.7bn bid for the First Transit and First Student in the days leading up to Christmas.
The fund, which is run by one of Scandinavia’s most powerful equity firms, joins a small number of bidders circling the assets.
Other interested parties are believed to include New York giant KKR and Apollo Global Management.
Morning Wire has contacted First Group and EQT for comment.
The US assets were first put up for sale by First Group in March after a long-running campaign by investors.
Shareholders including Coast Capital had been urging the London-listed firm to spin off the businesses for over a year.
Chief executive Matthew Gregory said last month that First was “in discussions with a number of credible potential buyers who have a long-term perspective”.
Shares in the firm rose 8.5 per cent this morning on the back of the news, but remain markedly down on last year.