FirstGroup plc (LSE:FGP) signed an agreement to acquire Ensign Bus Company Ltd on February 8, 2023. Completion of the acquisition is anticipated in the next few months subject to customary regulatory review. If the acquisition completes before the Group?s FY 2023 year end, the Group anticipates a year end adjusted net cash position (pre IFRS16 and excluding ring fenced cash) of £70-80m, reflecting the ongoing buyback programme and the timing of net capital expenditure and working capital flows. Nicholas How, John Fishley and William Hall of Liberum Capital Limited acted as financial advisor to FirstGroup plc. James Agnew, Jonathan Hardy and Jack Wood of RBC Europe Limited acted as financial advisor to FirstGroup plc. Rupert Weston of Burges Salmon LLP acted as legal advisor to FirstGroup plc (LSE:FGP).

FirstGroup plc (LSE:FGP) completed the acquisition of Ensign Bus Company Ltd for £35.7 million on March 9, 2023. The total consideration of £35.7m represents £34.7m paid during the period and £1.0m to be paid in future periods, and includes cash acquired of £6.6m included in current assets.