Facebookers prepare to take the bus as National Express buys Californian shuttle stake
The National Express Group has bought a majority stake in Californian shuttle service, WeDriveU, for $84.3m (£64.5m).
The transport operator has purchased a 60 per cent share in the American company, which drives workers around Silicon Valley to their jobs at firms like Facebook, Tesla and Amazon.
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The FTSE 250 firm specialises in buses and trains and has added the shuttle in Calfornia's tech hub to its portfolio. It also has the option to buy the remaining shares in tranches.
WeDriveU boss Dennis Carlson and the senior management team who will stay in place.
"I am delighted WeDriveU are joining National Express as part of our strategic acquisition programme," said National Express chief executive Dean Finch. "As the premier operator in Silicon Valley and the wider San Francisco Bay Area, WeDriveU provides the opportunity for expansion into a fast-growing market.
"WeDriveU also has a presence in other fast-growing cities in the US, which present other platforms for growth in this very attractive market."
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WeDriveU served seven million customers last year and made a total revenue of $139.9 million last year.
On Friday, National Express shares were up 4.8p to 416.40.