By Scott Wright
SHAREHOLDERS in FirstGroup have voted in favour of the proposed sale of two of its major US businesses – but the poll was far from unanimous.
The proposed sale of First Student and First Transit to private equity company EQT Infrastructure for $4.6 billion (£3.3bn) received 61.3 per cent of voted shares at a general meeting.
The deal is expected to go through in the second half of the calendar year.
Chairman David Martin acknowledged the proposal had not been backed by all shareholders.
READ MORE: Scots transport giant boosts shareholders with £3.3bn sale of US bus operations
He said: “We welcome the support of shareholders in approving the sale of First Student and First Transit. Through this transaction, FirstGroup will return value to shareholders, address its long-standing liabilities and make a substantial contribution to its pension schemes.
"I and the whole Board take very seriously our responsibility to understand the different views and perspectives of investors, and recognise that a number of shareholders did not vote in favour of today’s resolution. As FirstGroup enters a new and exciting phase in its development, I look forward to continuing an open and constructive dialogue with all shareholders.”
Shares closed down 0.5p at 86p.
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