Technology: NFI Group acquires British bus company Alexander Dennis for $546 million - PressFrom - Canada

TechnologyNFI Group acquires British bus company Alexander Dennis for $546 million

19:41  28 may  2019
19:41  28 may  2019 Source:

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NFI Group Inc. ( NFI , an initialism of the company 's former name, New Flyer Industries) is North America's largest bus manufacturer specializing in the manufacturing of heavy-duty transit buses and

Alexander Dennis Limited (ADL) is Britain’s biggest bus builder and the world’s largest manufacturer of double decker buses with a strong presence in the UK, USA, Canada, Hong Kong Welcome to Alexander Dennis . Our growth and innovation is driven by the commitment and passion of our people.

WINNIPEG — Bus manufacturer NFI Group Inc. has acquired Alexander Dennis Ltd., a British maker of busses, for 320 million pounds or roughly $546 million.

Winnipeg-based NFI called the deal is a transformational acquisition.

The company formerly known as New Flyer Industries says the deal complements its product offerings, diversifies its business and creates a platform for international growth.

ADL has over 31,000 vehicles in service in Britain, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada and the United States under the Alexander Dennis and Plaxton brands.

Under the agreement, ADL chief executive Colin Robertson and ADL chief financial officer Michael Stewart will continue leading the company.

The transaction was funded through NFI's existing credit facility and the issuance of 1.47 million NFI shares to ADL's primary shareholders, including ADL's CEO and CFO.

Companies in this story: (TSX:NFI)

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