Cosmen family makes €338 million bid for Alsa owner Mobico after Morocco contract losses

Twenty-one years after selling Alsa to the British, the Spanish Cosmen family is making a new bid. On October 21, Mobico, the owner of the operator active in Morocco, confirmed a proposal of 46 pence per share, valuing all of its share capital at €338 million. The stock market announcement describes the offer as non-binding.

On Bladi.net : Morocco: Alsa gradually pushed out

To acquire Mobico, CMC Group, which is linked to the Cosmens, has joined forces with the Asterion Industrial Partners fund through Autobuses de León. CMC already owns 26% of the British group, formerly known as National Express. The family sold Alsa to it in 2005.

Mobico’s independent directors say they are prepared to recommend the proposed price if a firm offer is made and final terms are agreed. The potential buyers have been granted access to the accounts to continue their due diligence.

Casablanca and Rabat remain central to its Moroccan operations

Mobico has already scaled back its presence in Morocco. In December 2025, Alsa lost the operation of the Marrakech and Tangier networks, whose employees and assets were transferred to the new operators. Its accounts report £26.6 million in exceptional charges related to changes in Moroccan contracts.

Revenue generated in Morocco reached €177 million in the 15 months ended March 31, 2026, according to Mobico’s audited results. In the first quarter of 2026, these changes reduced revenue by €11 million and adjusted operating profit by around €3 million.

The revised Casablanca contract runs until 2029 and the Rabat contract until 2034. In Casablanca, a 444 million dirham loan is intended to finance the takeover of 350 Alsa buses, under a financial agreement with the operator.

Autobuses de León has until November 18 to announce a firm offer or withdraw, unless the UK regulator grants an extension.