Mobico, Alsa’s owner in Morocco, receives €338 million offer
By the AFREEQUE newsroom, based on Bladi
British group Mobico, owner of Alsa, confirmed on 21 October a €338 million takeover proposal from CMC Group and Asterion Industrial Partners. The non-binding offer could be recommended if it becomes firm; in Morocco, Alsa lost the Marrakech and Tangier concessions in December 2025, according to Bladi.net.
Mobico, the British group that owns bus operator Alsa in Morocco, confirmed on 21 October that it had received a £338 million takeover proposal, equivalent to 46 pence per share. The non-binding offer was submitted by Autobuses de León, a consortium comprising CMC Group and the Asterion Industrial Partners fund, according to Bladi.
CMC Group, which is linked to Spain’s Cosmen family, already owns 26% of Mobico. The Cosmens sold Alsa to the British group in 2005. Mobico’s independent directors say they are prepared to recommend the price if a firm offer is made and final terms are agreed. The potential buyers have been given access to the accounts to continue their due diligence.
The offer comes as Mobico has scaled back its Moroccan operations. Alsa lost the concessions for the Marrakech and Tangier networks in December 2025, while Casablanca and Rabat remain central to its business in the country. Moroccan revenue amounted to €177 million in the 15 months to 31 March 2026. In the first quarter of 2026, contract changes reduced revenue by €11 million and adjusted operating profit by about €3 million.
The revised Casablanca contract runs until 2029 and the Rabat contract until 2034. In Casablanca, a 444 million dirham loan is to fund the takeover of 350 of Alsa’s buses. Autobuses de León has until 18 November to make a firm offer or withdraw, unless the UK regulator grants an extension.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
