NFI Group acquires Souter-backed bus maker ADL for $546 mln

NFI Group Inc (TSX: NFI) has acquired Alexander Dennis Ltd (ADL), a Larbert, Scotland-based maker of bus and coach vehicles, including double-deck buses. NFI, a Winnipeg-based bus maker, paid about $546 million (£320 million). NFI said the deal creates a global bus original equipment manufacturer with market positions in the United Kingdom, Hong Kong and North America and a footprint in other regions. ADL was established in 2004 by a group of Scottish entrepreneurs led by Brian Souter, head of U.K. family office Souter Investments. In a separate release, Souter said it will retain an equity stake in NFI and ADL as part of the transaction.

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