EQT is evaluating strategic options for First Student, the North American school bus operator it acquired in 2021, including a potential US initial public offering, according to a report by Bloomberg citing unnamed people familiar with the matter.
The Swedish private equity firm is said to be in early discussions with advisers, with a request for proposals expected in the coming months. No final decision has been made, and EQT may still choose to retain the Cincinnati-based company for longer.
First Student, which traces its roots back more than a century, employs over 60,000 people and operates a fleet of 44,500 vehicles across the US and Canada. The business was acquired from UK transport group FirstGroup Plc in a $4.6bn deal four years ago, marking one of EQT’s largest North American transactions at the time.
EQT and First Student declined to comment.
