May Gurney has acquired TransLinc, a market leader in the UK's £730 million per annum local authority specialist fleet services and £3 billion local authority passenger services markets.

Under the terms of the transaction, May Gurney paid a cash consideration of £34.9m for the equity and loan notes of the business. In addition, May Gurney will assume approximately £30.7m of customer contract-backed fleet financing obligations.

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Commenting on the announcement, Philip Fellowes-Prynne, chief executive of May Gurney, said: "This acquisition is a good strategic fit and is expected to be earnings enhancing in the first year. It brings into the May Gurney Group a portfolio of services and clients which are highly complementary to our existing business, augmenting our strong positions in Highways and Environmental Services as well as further establishing the Group as the leading support services business in the UK.

"We look forward to working with the TransLinc team to deliver continued positive returns to all our stakeholders."

(CD)