Davis Polk is advising FirstGroup plc in connection with the sale of First Student and First Transit to EQT Infrastructure for an enterprise value of $4.6 billion. The transaction is subject to FirstGroup shareholder approval, receipt of regulatory approvals and other customary conditions and is expected to close in the second half of 2021.
FirstGroup is a leading provider of transport services in the United Kingdom and North America. With £8 billion in revenue and around 100,000 employees, FirstGroup transported 2.1 billion passengers last year. First Student and First Transit are the North American contract divisions of FirstGroup. EQT Infrastructure seeks to identify investment opportunities in infrastructure businesses with potential for operational value creation in the Nordic region, continental Europe, North America and Asia-Pacific.
The Davis Polk corporate team includes partner Phillip R. Mills, counsel Ajay B. Lele and associate Jenny Ge. Partner Veronica M. Wissel is providing executive compensation advice. The tax team includes partner William A. Curran and associate Joshua J. Micelotta. Partner J.W. Perry and associate Robert F. Smith are providing finance advice. Partner Pritesh P. Shah is providing intellectual property advice. Partner Ronan P. Harty is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.