FirstGroup sells bulk of US transport business in $4bn deal

Transport operator's shares rose 10% as it announces plans to focus on UK bus and rail

FirstGroup has sold the bulk of its North American transport business in a deal worth $4bn, as the transport group looks to focus on its UK bus and rail operations.

The Aberdeen-based FirstGroup has sold First Student, America's biggest school-run operator with about 43,000 yellow buses, and First Transit, which provides outsourced public transport, to EQT Infrastructure.