New Flyer Industries Inc. (TSX: NFI) is paying $480 million to buy Motor Coach Industries Inc. (MCI) from New York private equity firm KPS Capital Partners LP.

Des Plaines, Illinois-based MCI manufactures coach busses, including tour, charter, line-haul, commuter and transit vehicles for the U.S. and Canada. The company has a strategic partnership with Daimler AG, and has exclusive distribution rights for Setra motor coaches and aftermarket parts.

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