PwC acts as advisor to West Midlands Combined Authority on landmark transaction

We're delighted to have advised the West Midlands Combined Authority (WMCA) on the agreement in principle to acquire West Midlands Bus Limited, the company established to hold National Express’s West Midlands bus operations, from Mobico Group.

West Midlands Bus accounts for over 90% of bus journeys in the West Midlands, employs around 4,600 staff and operates 1,200 buses from nine depots, playing an essential role in the region’s public transport network.

The acquisition in principle is critical for securing the key strategic assets necessary for the successful implementation of bus franchising and for maintaining network stability for everyone who relies on it. PwC acted as lead financial adviser to WMCA, supporting the authority from the initial strategic assessment through to confirmatory due diligence and signing. Our team advised on transaction strategy, valuation, structuring and negotiations, while coordinating the wider advisory workstreams and developing the business case underpinning WMCA's approval process.

The deal is an excellent example of PwC’s ability to bring together complementary, specialist expertise to deliver successful outcomes for clients under high-profile, time-sensitive and uniquely challenging circumstances. Our team combined specialists from across our Corporate Finance, Transaction Services, and Tax teams, providing buy-side financial and tax due diligence, tax structuring advice and support on transaction documentation.

Team

PwC UK Corporate Finance: Matt Denmark, James Gibbons, Richard Baty, Oliver Preston, Sophie Chapman, Will Maundrell and Ben Barron

PwC UK Transaction Services: Helen Ward, Steve Gill, Daniel Meredith, Daniel Thurman, Kirstie Hawkins and Matt Coulson

PwC UK Tax: Carrie Hale, Seema Ahmedabadi and Anne Redshaw

PwC UK Pensions: Steve Kirkpatrick, Katie Lightstone, Matt Gilbey and Jon Livesey

For more information, please contact Matt Denmark, James Gibbons or Richard Baty.