Travel firm Stagecoach is set to merge with National Express as the firms recover from the impact of COVID-19.
It was announced today that the companies will merge in a £1.9 billion deal, subject to approval from shareholders.
It is also understood that it will also be subject to an investigation by the Competition and Markets Authority.
As a single firm, it would employ around 70,000 staff and run 40,000 vehices.
Ignacio Garat, chief executive officer of National Express, said: “The proposed combination of National Express and Stagecoach, and the unique strengths of both companies and their teams, will create a leading multi-modal passenger transport business in the UK, aiming to deliver superb services to customers and forging the way to a carbon free future with a new generation of zero-emission buses and coaches.”
Martin Griffiths, chief executive of Stagecoach, said: “Our companies have a shared vision around helping to build more sustainable communities and secure a net zero future. We also both have a strong track record of investing in our people and in our services to deliver sector-leading customer service, operational excellence and great value travel.
“This is an exciting opportunity to bring together two of the UK’s iconic transport brands to create a strong, diverse business that is well-placed to grow the market for greener and smarter public transport for the benefit of all stakeholders.”
The deal was first mooted in September.
