National Express Group PLC (LON:NEX) has expanded its bus operations with two acquisitions in the US and Spain.
The company has bought a school bus and coach business with 204 vehicles in Cincinnati, Ohio, along with a Madrid bus operator with 73 vehicles.
READ: National Express travels higher as profits and passenger numbers jump over summer
The Madrid business provides staff transfers for a large local airline and national bank headquarters as well as school bus services.
The company said the two acquisitions are expected to deliver returns of 15-20%, in line with its guidance.
The group added that it remains on track to deliver its full year profit, free cash flow and leverage targets.
READ: National Express to sell c2c rail francise to Italian firm
“We continued to see a good trading performance across all of our divisions during October and November, in line with the trends set out in our most recent trading update,” it said.
“We are encouraged by strong early Christmas trading in both our UK and Spanish coach businesses, with advanced sales higher than last year.”