Investing.com -- British transport firm Mobico, known by its stock ticker MCG, announced on Friday that it has entered into an agreement to divest its North American school bus operations.

The buyer is investment manager I Squared Capital, and the transaction value could reach up to $608 million.

The sale is part of Mobico’s strategy to focus on its core business areas. The company has not released further details about the deal or its timeline.

The agreement is subject to customary closing conditions and regulatory approvals.

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