to a corporate structure from a trust-like structure in October 2011.

Brazilian bus manufacturer Marcopolo S.A. acquired a 19.99% stake of New Flyer on January 23, 2013, for $116 million, the maximum it could acquire without offering to buy out other shareholders. Marcopolo would later reduce its stake in the company to 10.8% on September 22, 2016, although it remains the largest individual shareholder.

Mergers and acquisitions

Since 2013, the NFI Group has completed several mergers and acquisitions

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