With revenue tanking during the pandemic, Greyhound has been sold from one European company to another—the new owner also happens to be the new kid on the Intercity bus block.
Greyhound will be sold to Europe's largest intercity bus company, FlixMobility, report Paul O'Donnell and Natalie Walters. The Covid-19 pandemic is blamed for cutting deeply into the bus company's revenues.
The Dallas-based Greyhound Lines Inc. has been in operation since 1914 and is synonymous with the open road to anyone who has ever relied on their intercity bus services. Greyhound was previously owned by a British company called FirstGroup plc.
FlixMobility, which operates FlixBus and FlixTrain, "said the combination will improve service on intercity bus lines, which it described as 'a lifeline during the pandemic for communities and essential workers," according to the article.
"The deal includes Greyhound’s fleet, trademarks and other assets and carries an enterprise value of $46 million, plus another $32 million in deferred payments."
FlixBus arrived in the United States in 2018, with a background of swift growth since its founding in 2013.
Read the full story: Dallas-based Greyhound sells to Europe’s largest long-distance bus network
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