German investment fund DWS Infrastructure has secured enough support from Stagecoach shareholders to take over the UK-based transport group.

Stagecoach¡¯s board accepted a ?595 million takeover offer?from DWS just months after previously announcing a proposed merger with UK ground transport rival National Express in December 2021.

DWS announced that shareholders accounting for 66 per cent of Stagecoach¡¯s shares had agreed to the takeover by the deadline of 21 May and the deal had been made ¡°unconditional¡±.

Hamish Mackenzie, head of infrastructure at DWS, said: ¡°We are delighted that our acceptance condition has now been satisfied and our offer has now been declared unconditional.?

¡°Our offer provides immediate value for Stagecoach shareholders and paves the way for the Stagecoach team to deliver enhanced services for passengers and communities across the?UK.¡±

Stagecoach said it was ¡°pleased¡± that the majority of shareholders had backed DWS¡¯s takeover offer.

¡°This is a positive step for our company, our people, our investors and wider stakeholders, and we see a bright and strong future ahead for both Stagecoach and public?transport?as we move towards new ownership,¡± said the company in a statement.

Following the announcement by DWS, National Express said that its ¡°all-share combination with Stagecoach has now lapsed¡±.?

¡°The board of National Express looks forward to continuing to execute its Evolve strategy as a standalone business, with a differentiated position in the sector,¡± added the company.