UK transport group National Express has called in Merrill Lynch to advise it on a £262m (€381m) acquisition of Spain's largest coach company Alsa. The deal is Express's first foray into continental Europe and its first significant transaction in four years.

Merrill Lynch is a long-term financial adviser to Express and has been its broker since flotation in 1992. Madrid-based advisory firm Quantica was co-adviser on the Alsa deal.