First Student, Inc.-Acquisition of Control-Autumn Transportation Inc. and Ambassador Wheelchair Services, Inc.

Issuing agencies

Abstract

On August 4, 2026, First Student, Inc. (First Student), a noncarrier, filed an application seeking Board approval to acquire control of Autumn Transportation Inc. (Autumn) and Ambassador Wheelchair Services, Inc. (Ambassador) (collectively, the Target Carriers), through First Student's acquisition of all of the issued and outstanding capital stock of each entity. On September 23, 2026, EQT Infrastructure V Collect EUR SCSp and EQT Infrastructure V Collect USD SCSp, each a noncarrier acting by its manager EQT Fund Management S.[agrave] r.l., (collectively, EQT or the EQT Entities), filed a supplement to join First Student's application (EQT Supplement). First Student and EQT will be collectively referred to as Applicants. Also on September 23, 2026, First Student filed a supplement addressing the competitive conditions in the geographic area served by the Target Carriers (Competition Supplement). The Board is tentatively approving and authorizing the proposed acquisition of control. If no opposing comments are timely filed, this notice will be the final Board action.

Full Text

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<title>Federal Register, Volume 91 Issue 195 (Friday, October 9, 2026)</title>
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[Federal Register Volume 91, Number 195 (Friday, October 9, 2026)]
[Notices]
[Pages 64730-64733]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20783]


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SURFACE TRANSPORTATION BOARD

[Docket No. MCF 21154]


First Student, Inc.--Acquisition of Control--Autumn 
Transportation Inc. and Ambassador Wheelchair Services, Inc.

AGENCY: Surface Transportation Board.

ACTION: Notice tentatively approving and authorizing finance 
transaction.

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SUMMARY: On August 4, 2026, First Student, Inc. (First Student), a 
noncarrier, filed an application seeking Board approval to acquire 
control of Autumn Transportation Inc. (Autumn) and Ambassador 
Wheelchair Services, Inc. (Ambassador) (collectively, the Target 
Carriers), through First Student's acquisition of all of the issued and 
outstanding capital stock of each entity. On September 23, 2026, EQT 
Infrastructure V Collect EUR SCSp and EQT Infrastructure V Collect USD 
SCSp, each a noncarrier acting by its manager EQT Fund Management 
S.[agrave] r.l., (collectively, EQT or the EQT Entities), filed a 
supplement to join First Student's application (EQT Supplement). First 
Student and EQT will be collectively referred to as Applicants. Also on 
September 23, 2026, First Student filed a supplement addressing the 
competitive conditions in the geographic area served by the Target 
Carriers (Competition Supplement). The Board is tentatively approving 
and authorizing the proposed acquisition of control. If no opposing 
comments are timely filed, this notice will be the final Board action.

DATES: Comments must be filed by November 23, 2026. If any comments are 
filed, First Student may file a reply by December 8, 2026. If no 
opposing comments are filed by November 23, 2026, this notice shall be 
effective on November 24, 2026.

ADDRESSES: Comments, referring to Docket No. MCF 21154, may be filed 
with the Board either via e-filing on the Board's website or in writing 
addressed to: Surface Transportation Board, 395 E Street SW, 
Washington, DC 20423-0001. In addition, send one copy of comments to 
First Student's representatives: Alan Abes, Dinsmore & Shohl LLP, 255 
East Fifth Street, Suite 1900, Cincinnati, OH 45202.

FOR FURTHER INFORMATION CONTACT: Sarah Fancher at (202) 740-5507. If 
you require an accommodation under the Americans with Disabilities Act, 
please call (202) 245-0245.

SUPPLEMENTARY INFORMATION: The EQT Entities form part of the investment 
vehicles collectively known as EQT

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Infrastructure V. (EQT Suppl. 2.) \1\ The EQT Entities are organized 
under the laws of Luxembourg and are headquartered in Luxembourg City, 
Lux. (Id.) The EQT Entities are noncarriers but control carrier First 
Student and its carrier affiliates.\2\
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    \1\ Neither the EQT Supplement nor the Competition Supplement 
contain page numbers. The pages cited in this decision therefore 
refer to the pdf page numbers of those filings.
    \2\ EQT acquired control of First Student, along with carriers 
First Transit, Inc. (First Transit), First Mile Square, LLC (First 
Mile), First Canada ULC (First Canada), and Transit Management of 
Dutchess County, Inc. (Transit Management), from FirstGroup plc and 
its subsidiary FirstBus Investments Ltd. through a stock purchase 
agreement. EQT Infrastructure V Collect EUR SCSp--Acquis. of 
Control--First Student, Inc., MCF 21093 (STB served May 21, 2021). 
As discussed in this decision, First Student and First Mile continue 
to operate in the United States and are still controlled by EQT. In 
a letter filed on October 5, 2026, Applicants clarified the status 
of the three other motor carriers acquired by EQT in the transaction 
approved in MCF 21093. According to the letter, First Transit was 
sold to Transdev North America, Inc., and is no longer owned or 
controlled by EQT. (Letter 1); see Transdev Group, S.A.--Acquis. of 
Control--First Transit Topco, Inc., MCF 21103 (STB served Jan. 5, 
2023). Transit Management ceased operations and was dissolved on 
June 25, 2025. (Letter 1.) First Canada is an affiliate of First 
Student and operates throughout Canada. (Id. at 2.) Although 
included in the corporate structure chart submitted with the pending 
application, the Applicants state that First Canada no longer 
operates in the United States. (Id.)
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    Applicants state that First Student is a Delaware corporation and 
is the largest student transportation service provider in North 
America, providing over 865 million student journeys annually to 
approximately 1,400 school districts. (Appl. 4.) In addition to its 
home-to-school student transportation services, First Student provides 
a range of other transportation services, including special needs 
transportation, routing and fleet management, vehicle electrification, 
maintenance services, and charter transportation. (Id.) First Student 
has approximately 66,000 employees and operates a fleet of over 48,000 
vehicles. (Id.) First Student currently controls and operates multiple 
passenger transportation affiliates in the United States, as discussed 
below.\3\
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    \3\ Additional information about First Student's affiliated 
passenger transportation operations within the United States, 
including USDOT numbers, motor carrier numbers and USDOT safety 
fitness ratings, can be found in the application and the Competition 
Supplement. (See Appl. 5; id., Ex. B; Competition Suppl., Ex. A.) 
Additional information on the entity chart for First Student, its 
affiliates, and ultimate parent companies is also included in the 
Competition Supplement. (See Competition Suppl., Ex. B.)
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    First Student controls Total Transportation Corp. (Total 
Transportation), a holding company for a group of affiliated 
transportation services providers, identified below, that operate 
primarily in the New York City tri-state region. Total Transportation 
and its operating subsidiaries provide student transportation services 
under contract with the New York City Department of Education, as well 
as transportation services for the New York City Department of 
Correction and the New York City Department of Homeless Services. Total 
Transportation's subsidiaries are as follows:
    <bullet> L&M Bus Corp. provides home-to-school student 
transportation services in the New York City tri-state region. This 
entity performs special education and pre-K routes for NYC Department 
of Education and pre-K Routes for Nassau County, Long Island. 
(Competition Suppl., Ex. A.)
    <bullet> Maggie's Paratransit Corp. provides paratransit 
transportation services in the New York City tri-state region. This 
entity performs paratransit routes for the Metropolitan Transit 
Authority (MTA) via the MTA Access-A-Ride Program. (Id.)
    <bullet> Mat Bus Corp (NY) provides transportation services in the 
tri-state region. This entity performs home-to-school transportation in 
the Westchester Area. It has previously operated a small number of 
routes that enter Connecticut but does not currently operate any such 
routes. (Id.)
    <bullet> Mat Bus Corp (PA) provides transportation services in 
Pennsylvania. This entity performs home-to-school transportation in the 
Philadelphia, Pa. area. (Id.)
    <bullet> MPC Bus Corp (NJ) provides transportation services in New 
Jersey. This entity performs paratransit routes for Union County and 
the New Jersey Transit Authority via the Access Link Program. (Id.)
    <bullet> Quality Transportation Corp provides transportation 
services in the New York City tri-state region. This entity performs 
general education routes for NYC Department of Education. (Id.)
    <bullet> Total Transit Corp operates a paratransit contract in 
Philadelphia. This entity performs paratransit routes for the 
Southeastern Pennsylvania Transportation Authority (SEPTA) via the 
SEPTA Access Program. (Id.)
    <bullet> TTC Bus Corp has operated bus services in Connecticut. 
Currently, this entity does not operate any transportation service 
contracts. The entity owns vehicles registered in the state of 
Connecticut. (Id.)
    First Student also controls Cook-Illinois Corp. (Cook-Illinois), a 
holding company for a group of affiliated transportation services 
providers that operate throughout Illinois. Cook-Illinois and its 
operating subsidiaries provide home-to-school student transportation 
and related services. (Id.) Cook-Illinois' subsidiaries are as follows:
    <bullet> Kickert School Bus Line, Inc., provides home-to-school 
student transportation services in the Chicago, Ill. area. (Id.)
    <bullet> Kickert Bus Lines, Inc., provides home-to-school student 
transportation services in the Chicago area. (Id.)
    <bullet> Liberty School Bus Company, Inc., provides home-to-school 
student transportation services in the Chicago metropolitan area. 
Liberty School Bus is the trade name under which American School Bus 
Company, LLC, conducts operations. (Id.)
    <bullet> American School Bus Company, LLC, provides home-to-school 
student transportation services in the Chicago metropolitan area and 
conducts operations under the trade name Liberty School Bus. (Id.)
    <bullet> North Shore Transit, Inc., provides home-to-school student 
transportation services in the Chicago area. (Id.)
    <bullet> Richlee Vans, Inc., provides home-to-school student 
transportation services in the Chicago area. (Id.)
    <bullet> Warning Charter Service, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Westway Coach, Inc., provides home-to-school student 
transportation services in the Chicago area. (Id.)
    <bullet> Indian Head Transit Company, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Chicago School Transit, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Alpha School Bus Company, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Cook County School Bus, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Crawford Bus Service, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Grand Prairie Transit, Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    <bullet> Illinois School Bus Co., Inc., provides home-to-school 
student transportation services in the Chicago area. (Id.)
    Finally, First Student controls the following additional 
subsidiaries:
    <bullet> Continental Air Transport-Chicago School Transit Joint 
Venture, LLC, provides airport shuttle transportation services in the 
Chicago metropolitan area. (Id.)

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    <bullet> Apple Bus Company is a transportation services provider of 
home-to-school student transportation, operating predominantly in 
Missouri, South Dakota, North Dakota, Nebraska, Alaska, and Louisiana. 
(Id.)
    <bullet> Penny Transportation, Inc., provides home-to-school 
student transportation in New York, performing pre-K Routes for the NYC 
Department of Education. (Id.)
    <bullet> Smart Pick, Inc., provides home-to-school student 
transportation in New York. This entity performs pre-K Routes for NYC 
Department of Education. (Id.)
    <bullet> Safety Bus Service, Inc., provides home-to-school student 
transportation, operating throughout the state of New Jersey. (Id.)
    <bullet> Safety Tours, Inc., provides charter transportation 
services, operating throughout the state of New Jersey. (Id.)
    <bullet> First Mile provides home-to-school student transportation, 
operating primarily in Upstate New York, with a concentration in 
Westchester County. It has previously operated a small number of routes 
that enter Connecticut but does not currently operate any such routes. 
(Id.)
    <bullet> Pride Transportation Services, Inc., provides home-to-
school student transportation services in the New York City tri-state 
region. This entity performs special education and general education 
routes for the NYC Department of Education. It previously operated 
routes that travel from one of the five boroughs of NYC to Connecticut 
but does not currently operate any such routes. (Id.)
    <bullet> GVC II, Inc., provides paratransit transportation services 
in the New York City tri-state region. This entity performs paratransit 
routes for MTA via the MTA Access-A-Ride Program. (Id.)
    <bullet> Bella Bus Corp. provides adult handicapped and homeless 
transportation services in the New York City tri-state region. (Id.)
    Applicants seek Board approval to acquire control of the Target 
Carriers through First Student's acquisition of all of the issued and 
outstanding capital stock of Autumn and Ambassador. Applicants state 
that upon consummation of the proposed transaction, the Target Carriers 
will become direct subsidiaries of First Student and will each remain a 
separate legal entity operating under Applicants' control. (Appl. 1.)
    Autumn is a Connecticut corporation, headquartered in Rocky Hill, 
Conn. (Id. at 5.) Applicants state that Autumn provides student 
transportation services for public school districts and educational 
institutions within Connecticut. (Id.) Specifically, Applicants explain 
that Autumn provides such services in the Greater Hartford area--the 
City of Hartford and surrounding towns, including Wethersfield, 
Newington, Rocky Hill, Glastonbury, and Windsor--with limited 
additional service extending into the Farmington Valley and Storrs. 
(Competition Suppl. 4.) According to Applicants, the substantial 
majority of Autumn's revenues are derived from school transportation 
services in Connecticut provided pursuant to contracts with school 
districts. (Appl. 5.) Applicants state that Autumn also performs 
limited charter and special transportation operations, including 
occasional regulated interstate passenger transportation and that all 
interstate transportation originates in Connecticut and is primarily 
associated with field trips, athletic events, and other school-related 
activities. (Id. at 5-6.) Applicants also provide additional details 
regarding Autumn's operations, customers, USDOT number, FMCSA docket 
number, fleet composition, and driver count. (Id.; Competition Suppl. 
4-5.)
    Ambassador is a Connecticut corporation, headquartered in Rocky 
Hill. (Appl. 6.) Applicants state that Ambassador provides wheelchair 
accessible and non-emergency passenger transportation services and 
special education transportation services primarily within Connecticut, 
(id.), with a service territory spanning Hartford, Tolland, Middlesex, 
and Fairfield counties. (Competition Suppl. 5.) Applicants further 
state that Ambassador provides interstate passenger transportation on a 
regular but limited basis based on the needs of its customers, 
explaining that such interstate transportation originates in 
Connecticut and includes trips to destinations in neighboring states, 
including Massachusetts, New York, and Rhode Island. (Appl. 6-7.) 
Applicants also provide additional details regarding Ambassador's 
operations, customers, USDOT number, FMCSA docket number, fleet 
composition, and driver count. (Id.; Competition Suppl. 5-6.)
    Under 49 U.S.C. 14303(b), the Board must approve and authorize a 
transaction that it finds is consistent with the public interest, 
taking into consideration at least (1) the effect of the proposed 
transaction on the adequacy of transportation to the public, (2) the 
total fixed charges resulting from the proposed transaction, and (3) 
the interest of affected carrier employees. Here, Applicants have 
submitted the information required by 49 CFR 1182.2, including (1) 
information to demonstrate that First Student's acquisition of the 
Target Carriers is consistent with the public interest under 49 U.S.C. 
14303(b), see 49 CFR 1182.2(a)(7); and (2) a jurisdictional statement 
under 49 U.S.C. 14303(g) that the aggregate gross operating revenues of 
the involved carriers exceeded $2 million during a consecutive 12-month 
period ending not more than six months before the date of the agreement 
of the parties, see 49 CFR 1182.2(a)(5).
    Applicants assert that the proposed transaction will not adversely 
affect the adequacy of transportation services available to the public. 
(Appl. 10.) Applicants state that the Target Carriers provide passenger 
transportation services pursuant to contracts with their customers, and 
the Target Carriers will continue to perform those contractual 
obligations following consummation of the proposed transaction. (Id.) 
Applicants explain that the transaction does not contemplate any 
material changes to the Target Carriers' operations, service offerings, 
facilities, routes, equipment, or management of day-to-day 
transportation services. (Id.) Further, Applicants expect that, as 
affiliates of First Student, the Target Carriers will benefit from 
First Student's resources, expertise, and support. (Id.) Therefore, 
Applicants expect that the Target Carriers will maintain, and 
potentially enhance, the quality and reliability of their 
transportation services after the proposed transaction. (Id.)
    Applicants explain that the Target Carriers operate in a 
fragmented, low-barrier market with no dominant supplier. (Competition 
Suppl. 3.) According to Applicants, competition is expected to continue 
to increase as transportation contracts come up for bid and rebid, 
customers regularly evaluate and reevaluate service providers, and new 
competitors enter the market. (Id.) Applicants state that the 
competitive bidding environment in Connecticut, the low barriers to 
entry in the van and special education service segments, the presence 
of multiple credible alternative carriers in every district and service 
area served by the Target Carriers, and the demonstrated willingness of 
school districts to switch providers or self-operate ensure that the 
proposed transaction will not diminish competition or adversely affect 
the public interest. (Id. at 3, 7.) Applicants also explain that First 
Student's existing Connecticut operations do not significantly overlap 
with those of either Target Carrier in any service segment or 
geographic area.\4\ (Id. at 7.)
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    \4\ The Competition Supplement states that:
    First Student's Connecticut customers consist of school 
transportation contracts with West Hartford, New Haven, Bethel, 
Bolton, Easton-Redding-Region 9, Montville/Killingly, Lisbon, 
Watertown, Weston, Norwich, and Bozrah, many of which are located 
outside Autumn's primary Greater Hartford service area. First 
Student and Autumn serve distinct customer bases in Connecticut, 
with the only overlap among the customers served by each company 
being [Capital Region Education Council] (CREC) . . . where First 
Student operates as a direct contractor and Autumn subcontracts to 
another provider with a contract with CREC, so the parties have not 
bid directly against each other for CREC work.
    (Competition Suppl. 4.) Applicants state that any overlap is 
limited and they describe the school transportation market in the 
Connecticut area as highly competitive. (Id. at 4-5.)

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    Applicants state the proposed transaction is not expected to result 
in any material increase in the fixed charges associated with the 
operations of the Target Carriers. (Appl. 10.) The transaction, 
therefore, is not expected to impose fixed charges that could adversely 
affect the provision of transportation services or the financial 
condition of the carriers involved. (Id.)
    Because the Target Carriers will continue providing transportation 
services under their existing customer contracts following the 
transaction, Applicants expect the Target Carriers to continue 
requiring substantially the same workforce to support those operations. 
(Id. at 11.) Applicants state that they have no current plans to reduce 
employee staffing levels as a result of the proposed transaction, 
(id.), and anticipate offering employment to substantially all of the 
Target Carriers' existing employees, (Competition Suppl. 7-8).
    Based on Applicants' representations, the Board finds that the 
proposed transaction, as described in the application as supplemented, 
is consistent with the public interest. The application will be 
tentatively approved and authorized. If any opposing comments are 
timely filed, these findings will be deemed vacated, and, unless a 
final decision can be made on the record as developed, a procedural 
schedule will be adopted to reconsider the application. See 49 CFR 
1182.6. If no opposing comments are filed by expiration of the comment 
period, this notice will take effect automatically and will be the 
final Board action in this proceeding.
    This action is categorically excluded from environmental review 
under 49 CFR 1105.6(c).
    Board decisions and notices are available at <a href="http://www.stb.gov">www.stb.gov</a>.
    It is ordered
    1. The transaction is approved and authorized, subject to the 
filing of opposing comments.
    2. If opposing comments are timely filed, the findings made in this 
notice will be deemed vacated.
    3. This notice will be effective on November 24, 2026, unless 
opposing comments are filed by November 23, 2026. If any comments are 
filed, First Student may file a reply by December 8, 2026.
    4. A copy of this notice will be served on: (1) the U.S. Department 
of Transportation, Federal Motor Carrier Safety Administration, 1200 
New Jersey Avenue SE, Washington, DC 20590; (2) the U.S. Department of 
Justice, Antitrust Division, 10th Street & Pennsylvania Avenue NW, 
Washington, DC 20530; and (3) the U.S. Department of Transportation, 
Office of the General Counsel, 1200 New Jersey Avenue SE, Washington, 
DC 20590.

    Decided: October 7, 2026.

    By the Board, Anika S. Cooper, Chief Counsel, Office of Chief 
Counsel.
Tammy Lowery,
Clearance Clerk.
[FR Doc. 2026-20783 Filed 10-8-26; 8:45 am]
BILLING CODE 4915-01-P


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