Slaughter and May is advising longstanding client FirstGroup plc on the sale of its North American contract businesses, First Student and First Transit, to EQT Infrastructure for an enterprise value of $4.6 billion (equivalent to approximately £3.3 billion).
The transaction is conditional upon approval by FirstGroup’s shareholders as a Class 1 transaction under the UK Listing Rules and various other approvals, including regulatory and anti-trust approvals.
Slaughter and May is supporting the in-house legal team at FirstGroup, led by David Isenegger (Group General Counsel & Company Secretary) and Christy Baker (Group Legal Director), alongside FirstGroup’s US counsel, Davis Polk & Wardwell. The Slaughter and May team is being led by Andrew Jolly.
