TIDMFGP 
 
FIRSTGROUP PLC 
                             FIRST TRANSIT EARNOUT 
 
In accordance with the terms of the disposal of First Transit by FirstGroup plc 
('FirstGroup' or the 'Group') to EQT Infrastructure V ('EQT Infrastructure') in 
July 2021, the Group has been notified that affiliates of EQT Infrastructure 
have signed an agreement to sell First Transit to Transdev North America, Inc. 
(the 'Sale by EQT'). The Sale by EQT is subject to customary conditions, 
including regulatory and antitrust clearance processes in the US and Canada. 
 
As part of the First Transit disposal to EQT Infrastructure, FirstGroup is 
entitled to an earnout consideration, which is calculated as a percentage of 
the realised equity value on the Sale by EQT and contemplating the cash flows 
generated by First Transit since March 2021 to completion (subject to certain 
permitted leakage provisions). FirstGroup currently estimates the earnout 
consideration to be around $85m. Based on this estimate, FirstGroup is expected 
to record a non-cash loss of c.£30m relative to the carrying value of the 
earnout of £106m as at 26 March 2022. The final earnout consideration amount 
will be determined in the period following completion of the Sale by EQT, with 
receipt expected several months after completion. 
 
Graham Sutherland, FirstGroup CEO, said: 
 
"Receipt of the First Transit earnout proceeds will be another milestone in the 
transformation that FirstGroup has undertaken in recent years to refocus on our 
strong positions in UK bus and rail. The earnout proceeds will further 
strengthen our business, which is now a resilient and robust platform with a 
range of opportunities for growth and shareholder value creation." 
 
Contacts at FirstGroup:                  Contacts at Brunswick PR: 
Investor relations: Faisal Tabbah        Andrew Porter / Simone Selzer 
Media: Stuart Butchers                   Tel: +44 (0) 20 7404 5959 
corporate.comms@firstgroup.co.uk 
Tel: +44 (0) 20 7725 3354 
 
Forward-looking statements 
 
Certain statements included or incorporated by reference within this document 
may constitute 'forward-looking statements' with respect to the business, 
strategy and plans of the Group and our current goals, assumptions and 
expectations relating to our future financial condition, performance and 
results. By their nature, forward-looking statements involve known and unknown 
risks, assumptions, uncertainties and other factors that cause actual results, 
performance or achievements of the Group to be materially different from any 
future results, performance or achievements expressed or implied by such 
forward-looking statements. No statement in this document should be construed 
as a profit forecast for any period. Shareholders are cautioned not to place 
undue reliance on the forward-looking statements. Except as required by the UK 
Listing Rules and applicable law, the Group does not undertake any obligation 
to update or change any forward-looking statements to reflect events occurring 
after the date of this document. 
 
Notes 
 
Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as per DTR 
6 Annex 1R: 3.1. This announcement contains inside information. The person 
responsible for arranging the release of this announcement on behalf of 
FirstGroup is David Blizzard, Company Secretary. 
 
FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public 
transport services. With £4.6 billion in revenue and more than 30,000 
employees, our UK divisions transported nearly 1.5m passengers a day in the 
last financial year. First Bus is the second largest regional bus operator in 
the UK, serving two-thirds of the UK's 15 largest conurbations with a fleet of 
c.4,900 buses. First Rail is the UK's largest rail operator, with many years of 
experience running long-distance, commuter, regional and sleeper rail services. 
We operate a fleet of c.3,800 rail vehicles through four management fee-based 
train operating companies (Avanti, GWR, SWR, TPE) and two open access routes 
(Hull Trains and Lumo). We create solutions that reduce complexity, making 
travel smoother and life easier. Our businesses are at the heart of our 
communities and the essential services we provide are critical to delivering 
wider economic, social and environmental goals. We are formally committed to 
operating a zero-emission First Bus fleet by 2035 and to cease purchasing 
further diesel buses after 2022; and First Rail will help support the UK 
Government's goal to remove all diesel-only trains from service by 2040. In 
2022 FirstGroup was named as one of the world's cleanest 200 public companies 
for the third consecutive year by sustainable business media group Corporate 
Knights in partnership with US not-for-profit organisation, As You Sow. Visit 
our website at www.firstgroupplc.com and follow us @firstgroupplc on Twitter. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

October 26, 2022 02:00 ET (06:00 GMT)

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