EQT Infrastructure has closed on the sale of First Student and First Transit from FirstGroup.
The $4.6-billion deal brings together North America’s providers in school and public transportation with one of the world’s larger infrastructure investors.
First Student and First Transit operations will continue as usual and uninterrupted with the same local teams and leadership. EQT is a global private equity firm and blue-chip infrastructure investor. EQT took a long-term view to look beyond the immediate effects of the pandemic and has deployed $11 billion in equity in North America since 2012.
“It’s an exciting time. We now move into a new chapter for our organization,” said First Student President Paul Osland. “EQT Infrastructure will help us grow and we’ll continue to invest in our people and cutting-edge technologies. As we look ahead to a new school year, our full focus continues to be on providing safe, reliable, industry-leading service in the communities where we operate.”
Both First Student and First Transit are businesses that benefit from substantial scale, best-in-class operating track records, a forward-looking focus on innovation and highly experienced management teams.
“We are a strong organization with an established and resilient platform and team that continue to position us for sustainable success over time. EQT Infrastructure will enable us to accelerate this growth. Through it all, our communities and customers will remain at the heart of everything we do,” said First Transit President Brad Thomas. “We will continue to invest in new opportunities and technologies that set the highest standards.”
