Canada buy for National Express

NATIONAL Express consolidated its position as North America's third-largest student bus company on Monday by unveiling the £75m acquisition of Toronto-based Stock Transportation.

The deal, National Express's first foray into the Canadian market, signals a policy of increasing its presence in North America, where it is third placed in student transportation, trailing behind Laidlaw and British buses and trains rival FirstGroup.

Stock Transportation, will retain its branding but come under the aegis of National Express's Durham subsidiary in the US. Last year it made a profit - before exceptional costs - of £3.1m on turnover of £34.5m under Canadian accounting rules. The deal means that almost half of National Express's workforce is based in North America.