The National Commission for Markets and Competition (CNMC) has agreed to authorize the Avanza group for the acquisition of Autocares Julián de Castro, according to a resolution of the CNMC Council to which Servimedia has had access.
The supervisory body gives the green light in a first phase to an operation with which Avanza expands in the Community of Madrid, becoming the owner of the centenary Autocares Julián de Castro, which It operates mainly in the northwest of the region.
Julian de Castro, created in 1913has a fleet of 138 buses, 270 employees and move some around 8 million travelers per year.
The transaction was announced last July, subject to the pending approval of the CNMC, at a time when the Madrid government announced a new concessionary card for passenger bus transport, in which the giants of the sector and Small businesses will be competing for an estimated turnover of around 8 billion euros.
