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National Express has bought a 60% stake in US firm WeDriveU for $84.3 million.
WeDriveU provides employee shuttle services to many of the largest Fortune 500 companies in Silicon Valley and the broader San Francisco Bay Area. It also has a presence in several other US cities such as Los Angeles, Seattle and Boston.
National Express will form a new shuttle division within its North American business, led by the WeDriveU management team, to drive expansion in the employee, university and hospital shuttle markets.
WeDriveU transports almost 7 million passengers annually and in the year ended 31 December 2018 it generated annual revenues of $139.9 million.
Dean Finch, CEO of National Express Group, said: “I am delighted WeDriveU are joining National Express as part of our strategic acquisition programme. 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.”
WeDriveU’s Chairman and CEO Dennis Carlson said: “I am delighted to be joining National Express. We have grown our business significantly in recent years and plan to continue expanding into new markets, drawing on National Express’ reputation for excellence and its extensive nationwide presence. I look forward to working with Dean and the team in this exciting next phase for our business.”
The post National Express buys 60% stake in Silicon Valley shuttle company appeared first on Investor Times.
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