EQT Infrastructure Closes Acquisition of First Student and First Transit

Cincinnati – Today, EQT Infrastructure and FirstGroup announced that the sale of First Student and First Transit to EQT has closed. The deal brings together North America's market leaders in school and public transportation with one of the world's largest infrastructure investors.

First Student and First Transit operations will continue as usual and uninterrupted with the same local teams and leadership.

EQT is a global private equity firm and blue-chip infrastructure investor. They are highly reputable and experienced and, as such, took a long-term view to look beyond the immediate effects of the pandemic. They have deployed $11 billion in equity in North America since 2012.

"It's an exciting time. We now move into a new chapter for our organization," said First Student President Paul Osland. "EQT Infrastructure will help us grow, and we'll continue to invest in our people and cutting-edge technologies. As we look ahead to a new school year, our full focus continues to be on providing safe, reliable, industry-leading service in the communities where we operate."

Both First Student and First Transit are market-leading businesses that benefit from substantial scale, best-in-class operating track records, a forward-looking focus on innovation, and highly experienced management teams. First Student and First Transit both enjoy industry-leading contract retention and customer satisfaction ratings.

"We are a strong organization with an established and resilient platform and team that continue to position us for sustainable success over time. EQT Infrastructure will enable us to accelerate this growth. Through it all, our communities and customers will remain at the heart of everything we do," said First Transit President Brad Thomas. "We will continue to invest in new opportunities and technologies that set the highest standards."

The sale was first announced in April. The FirstGroup and EQT Infrastructure news releases are posted and available.

About First Student
As the leading school transportation solutions provider in North America, First Student strives to provide the best start and finish to every school day. First Student completes five million student journeys each day, moving more passengers than all U.S. airlines combined. With a team of highly-trained drivers and the industry's strongest safety record, First Student delivers reliable, quality services including full-service transportation and management, special-needs transportation, route optimization and scheduling, maintenance, and charter services with a fleet of about 40,000 buses. For more information, please visit firststudentinc.com.

About First Transit
First Transit, Inc. has more than 60 years of experience and is the largest private-sector provider of mobility solutions in North America, moving more than 300 million passengers annually. First Transit, Inc. provides operation, management and consulting for more than 300 locations in 39 states, Canada and Puerto Rico for transit authorities, state departments of transportation, municipalities, airports, universities and private companies. First Transit employs more than 19,000 dedicated transit professionals. For additional information, please visit FirstTransit.com. To see how First Transit is leading the way in shared autonomous vehicle (SAV) initiatives, please visit FirstAV.com.