Foley Advises Mobico Group on $608M Sale of North America School Bus Business

Foley & Lardner LLP represented Mobico Group PLC in the proposed sale of its North America School Bus business to I Squared Capital, a leading global infrastructure investment manager for an enterprise value of up to $608 million.

The transaction, which is expected to close in the third quarter of 2025, is part of Mobico’s strategy to strengthen its balance sheet and reallocate capital toward higher-growth opportunities, particularly in ALSA. The expected upfront net proceeds of approximately $365–385 million will be used to accelerate debt reduction, with potential additional earn-out payments of up to $70 million tied to future performance.

The Foley deal team was led by partner Daniel Cohen and included Danielle Osburn, Laura Burlot, Grace Fucci, and Ellie O’Neill (Corporate/Transactions), with support from Christopher Bourne (Private Equity), Neal Bakare and Jennifer Gardner (Finance), Michael Abbott and Hannah Demsien (Employee Benefits), and James Howard (Tax).