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Greyhound put up for sale by U.K.'s FirstGroup

Greyhound bus
A Greyhound bus. Photo: Artur Widak/NurPhoto via Getty Images

North American bus company Greyhound was put up for sale Thursday by U.K.-based FirstGroup, Reuters reports.

Why it matters, via Axios' Dan Primack: Greyhound remains an integral part of North American travel, with around 17 million riders per year, but has struggled to combat competition from low-cost airlines and cheap automobile gas.

Details: FirstGroup is selling Greyhound and will spin off its U.K. operator First Bus to relieve shareholder pressure.

  • FirstGroup bought Greyhound in 2007 for $3.6 billion.

Go deeper: How on-demand transportation could make public transit more efficient