2024-09-15 12:06:23
The National Commission for Markets and Competition (CNMC) agreed to authorize the Avanza group to acquire Autocares Julián de Castro, according to a resolution from the Council of the regulatory authority itself.
The supervisory body gives the green light in the first phase of an operation with which Avanza grows in the Community of Madrid by taking ownership of the century-old Autocares Julián de Castro, which operates mainly in the north-west of the region.
Julián de Castro, created in 1913, has a fleet of 138 buses, 270 employees, and moves about 8 million travelers per year.
The transaction was announced last July, subject to the approval now coming from the CNMC, at a time when the Government of Madrid announced a new concession map for the transport of passengers by bus, in which the giants of the sector and the small companies compete for a business estimated to be around 8,000 million euros.
It is not the only operation in the sector. Last February, the Commission for National Markets and Competition agreed to authorize the first phase of the purchase of Alsa Group of the Canarian transport conglomerate 1844, for an amount close to 80 million euros.
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