We have advised leading transport operator FirstGroup plc on the sale of Mistral Data Limited, its rail software and data solutions business, to transport technology provider Tracsis plc for an enterprise value of £48 million.
Established by FirstGroup in 2010, Mistral Data has developed into a leading provider of business-critical software and data solutions for the UK rail sector. Its cloud-native products help train operating companies communicate with passengers, manage demand and revenue, support day-to-day operations, monitor rolling stock and generate operational insights from data. The business generated revenue of approximately £13 million in the 12 months to 31 March 2026 and has a strong base of recurring revenue under long-term customer contracts.
The transaction reflects continued strategic investment and consolidation within the transport technology sector, as operators and technology providers seek to enhance data-driven capabilities and improve rail network performance.
Our multi-disciplinary team advised FirstGroup on all aspects of the transaction, with the deal led by Corporate and M&A partner Rupert Weston with support from Tom Curnow, Sophie Dicks, Lucy Pegler and Madelin Sinclair McAusland.
