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Report: CVC Capital among PE firms interested in Greyhound bus operator

Private equity firms including CVC Capital Partners are interested in acquiring U.K. passenger transport services company Firstgroup plc, Bloomberg reported, citing unnamed sources.

No formal offer has been made by CVC Capital; the discussions are in early stages. Potential acquirers may make bids for a full or partial acquisition of the business, the sources told the news outlet.

The target company, which operates Greyhound buses and British trains, is in the process of a review of its business. Canadian activist fund West Face Capital is a shareholder of the company. FirstGroup turned down buyout offers from private equity giant Apollo Global Management LLC earlier in 2018, arguing that the proposals undervalued the company.

FirstGroup and CVC Capital representatives did not comment on the matter, according to the report.