Contract
STB Tentatively Approves First Student Acquisition of Autumn Transportation and Ambassador Wheelchair Services
The Surface Transportation Board has provisionally authorized First Student, Inc. to acquire full control of two motor carriers through a stock purchase, with the action set to become final if no opposing comments are filed by November 23, 2026.
The Surface Transportation Board (STB) has issued a notice tentatively approving and authorizing a finance transaction in which First Student, Inc. (First Student), a noncarrier, seeks to acquire control of Autumn Transportation Inc. (Autumn) and Ambassador Wheelchair Services, Inc. (Ambassador), referred to collectively as the Target Carriers. The mechanism of acquisition is First Student's purchase of all of the issued and outstanding capital stock of each entity.
First Student filed its application with the Board on August 4, 2026. The application was subsequently supplemented on September 23, 2026, when EQT Infrastructure V Collect EUR SCSp and EQT Infrastructure V Collect USD SCSp — each a noncarrier acting through its manager, EQT Fund Management S.à r.l. (collectively, EQT or the EQT Entities) — filed a supplement joining First Student's application. The Board refers to First Student and EQT together as the Applicants. Also on September 23, 2026, First Student filed a separate Competition Supplement addressing the competitive conditions in the geographic area served by the Target Carriers.
The Board's notice states that it is tentatively approving and authorizing the proposed acquisition of control, and that if no opposing comments are timely filed, the notice will constitute the final Board action.
What to watch
The deadline for opposing comments is November 23, 2026. If any comments are filed, First Student may file a reply by December 8, 2026. If no opposing comments are filed by November 23, 2026, the notice shall become effective on November 24, 2026.
Related
Sources
10 citedEvery hard fact above is grounded in and cited to a primary source record.
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First Student, Inc. filed an application on August 4, 2026, seeking Board approval to acquire control of Autumn Transportation Inc. and Ambassador Wheelchair Services, Inc.
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The acquisition mechanism is First Student's purchase of all of the issued and outstanding capital stock of each entity.
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First Student, Inc. is described as a noncarrier.
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On September 23, 2026, EQT Infrastructure V Collect EUR SCSp and EQT Infrastructure V Collect USD SCSp, each a noncarrier acting by its manager EQT Fund Management S.à r.l., filed a supplement to join First Student's application.
federalregister.gov -
The Surface Transportation Board is tentatively approving and authorizing the proposed acquisition of control.
federalregister.gov -
If no opposing comments are timely filed, the notice will be the final Board action.
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Comments must be filed by November 23, 2026.
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If any comments are filed, First Student may file a reply by December 8, 2026.
federalregister.gov -
If no opposing comments are filed by November 23, 2026, the notice shall be effective on November 24, 2026.
federalregister.gov -
Also on September 23, 2026, First Student filed a Competition Supplement addressing the competitive conditions in the geographic area served by the Target Carriers.
federalregister.gov