The founder of the private bus company Aircoach, John O'Sullivan, is in line for a €7m windfall from the sale of his company to British bus and rail group FirstGroup.
According to a report in today's Irish Times, FirstGroup, which is the biggest bus company in Britain, is paying €15m for 90% of the bus firm.
O'Sullivan will remain on as managing director and will retain a 10% stake in the firm.
There are three shareholders in Aircoach - O'Sullivan, his wife Ann and finance officer Mary Leane. O'Sullivan and his wife own 90% of the equity and are to tbe the main beneficiaries of the sale.
The purchase price of €15m will be used to to wipe out the debt of Last Passive, the company behind Aircoach and The Irish Times says O'Sullivan and his wife stand to make €7m from the sale.
