Announcement • Aug 25
Tracsis plc (AIM:TRCS) completed the acquisition of Mistral Data Limited from FirstGroup plc (LSE:FGP) for £48 million. Tracsis plc (AIM:TRCS) agreed to acquire Mistral Data Limited from FirstGroup plc (LSE:FGP) for an enterprise value of £48 million on July 29, 2026. Under the terms of the agreement, Tracsis will acquire 100% of the issued share capital of Mistral Data Limited foran enterprise value of £48 million onacash-free, debt-free basis. The consideration will be payable in cash on completion, subject to customary adjustments. The consideration will be satisfied from Tracsis' existing cash resources anddrawings underthe Group's revolving credit facility.
For the period ending March 31, 2026, Mistral Data Limited reported total revenue of £13 million and EBITDA of £4 million. As of March 31, 2026, Mistral Data Limited reported total common equity of £3.7 million.
Completion is subject to receipt of clearance from the UK Competition and Markets Authority ("CMA") and certain other customary conditions. The transaction is expected to complete by no later than October 31 , 2026. The sale proceeds will further strengthen FirstGroup's balance sheet, supporting continued growth in attractive UK bus and rail markets and meaningful returns to FirstGroup's shareholders. An adjusted EBITDA margin of c.30% in the twelve months to March 31, 2026, comfortably above the Group's existing margin and therefore immediately margin-accretive before any synergies from the proposed combination.
Nick How, Tim Medak, Euan Brown, and Connie Owens of Panmure Liberum Limited acted as financial advisor for FirstGroup plc. Joh. Berenberg, Gossler & Co. KG, London Branch acted as financial advisor for Tracsis plc. Tom Ferns, Nicholas Foss-Pedersen, Robert Bines-Black, and Natalie Georgiou of Haynes and Boone CDG LLP acted as legal advisor for Tracsis plc.
Tracsis plc (AIM:TRCS) completed the acquisition of Mistral Data Limited from FirstGroup plc (LSE:FGP) on August 23, 2026. Announcement • Jul 31
Tracsis plc (AIM:TRCS) agreed to acquire Mistral Data Limited from FirstGroup plc (LSE:FGP) for an enterprise value of £48 million. Tracsis plc (AIM:TRCS) agreed to acquire Mistral Data Limited from FirstGroup plc (LSE:FGP) for an enterprise value of £48 million on July 29, 2026. Under the terms of the agreement, Tracsis will acquire 100% of the issued share capital of Mistral Data Limited foran enterprise value of £48 million onacash-free, debt-free basis. The consideration will be payable in cash on completion, subject to customary adjustments. The consideration will be satisfied from Tracsis' existing cash resources anddrawings underthe Group's revolving credit facility.
For the period ending March 31, 2026, Mistral Data Limited reported total revenue of £13 million and EBITDA of £4 million. As of March 31, 2026, Mistral Data Limited reported total common equity of £3.7 million.
Completion is subject to receipt of clearance from the UK Competition and Markets Authority ("CMA") and certain other customary conditions. The transaction is expected to complete by no later than October 31 , 2026. The sale proceeds will further strengthen FirstGroup's balance sheet, supporting continued growth in attractive UK bus and rail markets and meaningful returns to FirstGroup's shareholders. An adjusted EBITDA margin of c.30% in the twelve months to March 31, 2026, comfortably above the Group's existing margin and therefore immediately margin-accretive before any synergies from the proposed combination.
Panmure Liberum Limited acted as financial advisor for FirstGroup plc. Joh. Berenberg, Gossler & Co. KG, London Branch acted as financial advisor for Tracsis plc. Announcement • Jul 30
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