FlixMobility’s $172 Million Acquisition of Greyhound Lines

Davis Polk advised FirstGroup plc on the deal while Covington & Burling LLP represented FlixMobility.

FirstGroup plc finalized the sale of Greyhound Lines, Inc. to an affiliate of FlixMobility GmbH for cash consideration of $172 million. The transaction was not subject to any closing conditions and closed on October 21.

FirstGroup is a leading private sector provider of public transport services. With £4.3 billion in revenue and 30,000 employees, its U.K. divisions including First Bus and First Rail transported nearly 700,000 passengers a day in the 52 weeks to March 27, 2021.

Greyhound is the only nationwide operator of scheduled intercity coach services across the United States, as well as operations into Canada and Mexico. Its iconic brand has been a mainstay of the North American transportation landscape for more than 100 years. Greyhound’s fleet of 1,300 vehicles and 2,400 employees provide services connecting 1,750 destinations across North America. 

FlixMobility is mobility provider, offering new alternatives for convenient, affordable and environmentally friendly travel via the FlixBus and FlixTrain brands.

The Davis Polk corporate team included partner Phillip R. Mills (Picture), counsel Ajay B. Lele and associates Samuel F. Page and Jerry O’Young. The real estate team included partner Brian D. Hirsch, counsel Lawrence R. Plotkin and associate Paulina Gordon. The tax team included partner William A. Curran. Partner Ronan P. Harty provided antitrust and competition advice. The finance team included counsel Robert F. Smith. 

The Covington team was led by Denny Kwon, Gustavo Akkerman, Elizabeth Reale, and Vesta Goshtasbi; Robert Newman, Jason Levy and James Damon on employee benefits matters; Scott Freling, Nooree Lee and Ryan Burnette on government contract matters; Heather Haberl and Adam Osielski on real estate matters; Gretchen Hoff Varner and Hakeem Rizk on insurance matters; Kevin Zaragoza, Lee Kelley and Jon Endean on tax matters; Thomas Brugato and Lindsay Brewer on environmental matters; Carolyn Rashby and Michelle Barineau on employment matters; Winslow Taub, Brandon Palmen and Kathleen Gallagher-Duff on intellectual property matters; Yaron Dori and Brooke Kahn on data privacy matters; Jennifer Saperstein on compliance matters; Alison Sikes and Ana Duong on corporate matters; and Michael Baxter on restructuring matters.

Involved fees earner: Gustavo Akkerman – Covington & Burling LLP; Michelle Barineau – Covington & Burling LLP; Lindsay Brewer – Covington & Burling LLP; Thomas Brugato – Covington & Burling LLP; Ryan Burnette – Covington & Burling LLP; James Damon – Covington & Burling LLP; Yaron Dori – Covington & Burling LLP; Ana Duong – Covington & Burling LLP; Jon Endean – Covington & Burling LLP; Scott Freling – Covington & Burling LLP; Kathleen Gallagher-Duff – Covington & Burling LLP; Vesta Goshtasbi – Covington & Burling LLP; Heather Haberl – Covington & Burling LLP; Gretchen Hoff Varner – Covington & Burling LLP; Brooke Kahn – Covington & Burling LLP; Lee Kelley – Covington & Burling LLP; Denny Kwon – Covington & Burling LLP; Nooree Lee – Covington & Burling LLP; Jason Levy – Covington & Burling LLP; Robert Newman – Covington & Burling LLP; Adam Osielski – Covington & Burling LLP; Brandon Palmen – Covington & Burling LLP; Carolyn Rashby – Covington & Burling LLP; Elizabeth Reale – Covington & Burling LLP; Hakeem Rizk – Covington & Burling LLP; Jennifer Saperstein – Covington & Burling LLP; Alison Sikes – Covington & Burling LLP; Michael St. Patrick Baxter – Covington & Burling LLP; Winslow Taub – Covington & Burling LLP; Kevin Zaragoza – Covington & Burling LLP; William Curran – Davis Polk & Wardwell; Paulina Gordon – Davis Polk & Wardwell; Ronan Harty – Davis Polk & Wardwell; Brian Hirsch – Davis Polk & Wardwell; Ajay Lele – Davis Polk & Wardwell; Phillip Mills – Davis Polk & Wardwell; Jerry O’Young – Davis Polk & Wardwell; Samuel Page – Davis Polk & Wardwell; Lawrence Plotkin – Davis Polk & Wardwell; Robert Smith – Davis Polk & Wardwell;

Law Firms: Covington & Burling LLP; Davis Polk & Wardwell;

Clients: FlixMobility GmbH;