Los Cosmen fichan a CaixaBank y Santander para la opa sobre Mobico

The founders of Alsa and Asterion have defined their offer for Mobico, with the assistance of BofA, aiming to exclude the British operator from the stock market with a value of around 2,000 million euros. Mobico's shares closed yesterday with a slight 1% increase after the British bus operator surged 32% on the London Stock Exchange the previous session, following news that the Cosmen family (holding 26% of the capital) in alliance with Asterion, had finalised an offer for 100% of the group for 282.5 million pounds (337 million euros).

Investors are willing to pay 46 pence per share, doubling the company's value from Monday, before the intention to launch the offer was known, and still 15% higher than yesterday's closing price. To bolster the operation, founders of Alsa have hired Bank of America. Along with the American bank, Santander and CaixaBank are also involved.

Legal documents are prepared by Freshfields and Latham. Jorge Cosmen, president of Alsa and board member of Mobico, along with Jesús Olmos, the head of Asterion, will now initiate the analysis of Mobico through a due diligence process that will last for days before the formal submission of the offer via Autobuses de Leon (AdL), where the Cosmen are majority owners.

Investors need a minimum of 250 million euros to undertake the operation, taking into account that at least 26% owned by the Cosmen will not participate in the offer. The value of the operation is estimated at 2,000 million euros, including Mobico's debt, which had approached 1,400 million euros as of March, being the true Achilles heel of Mobico.

The British operator, which has accelerated cost-cutting measures since the arrival of Francisco Iglesias as CEO, is implementing an aggressive plan of cost reduction through the sale of unprofitable businesses and adjustments in profitable activities, including operations in Germany, Morocco, and part of the United Kingdom contracts.

In June, Mobico reached an agreement to divest the UK Bus division, providing services through the West Midlands franchise, a move generating revenues of 24 million pounds (around 28 million euros). So far in 2026, Mobico has also streamlined its German rail business, which has incurred multiple losses in recent periods. In the Rinnen-Münsterland Express line, Mobico agreed on the amendment of the contract effective from January of this year, removing the risk of income.

Additionally, the contract amendments will comply with sector standards. The term will be extended for two years until 2032. Another adjustment in Germany relates to the Rhein-Ruhr-Express line, where contracts generating losses and covering the RE 1, RE 5, RE 6, RE 11, and RE 4 routes will be shortened by three years and end in 2030.

In Morocco, Alsa did not renew its concessions in Marrakech and Agadir, cities that the Spanish company operated but did not meet the profitability thresholds demanded by the new management. Práxses close to Mobico indicate that these decisions do not signify abandoning the markets where present, but rather pursuing profitability with the aim of further reducing leverage (2.9 times).

The company has submitted bids for new concessions for trains in Germany, is waiting for the competition for operating Liverpool transport, and is considering bidding again for the West Midlands, 20 routes that will be auctioned in 2027. Spain remains the most profitable business for Mobico through Alsa. The company leads long-distance concessions in state tenders and is among operators with the most autonomous rail lines, in addition to other businesses such as ambulance management or tourist railways.

Despite its leadership, Alsa has renounced volume tenders such as Murcia and did not submit the best offer for Vigo. Alsa continues to closely monitor moves by the Madrid government, which must launch tenders for renewing regular transport, with 11,000 million euros at stake. The Ministry of Transport has also launched auctions for emblematic routes, such as the Madrid-Barcelona connection, currently operated by Alsa.