FlixMobility buys Greyhound bus service

German transportation company FlixMobility is buying Greyhound’s bus operations in the U.S. in order to strengthen its position in the country.

The purchase price is $140 million cash plus another $32 million to be paid in installments over 18 months.

FlixBus Global serves more than 2,500 destinations in 36 countries outside the U.S. with 400,000 daily connections.

Greyhound was founded in Hibbing in 1914 and currently connects approximately 2,400 destinations across North America, with nearly 16 million passengers each year.