Vinci Said to Begin $2.7 Billion Sale of Parking-Lot Unit
Vinci SA (DG), Europe’s biggest construction company, sent information to potential buyers of its parking-lot business that may fetch as much as 2 billion euros ($2.7 billion), said two people familiar with the matter.
The French builder, which is being advised by Barclays Plc (BARC) and BNP Paribas SA (BNP), sent information on the sale of the Vinci Park unit to about 30 potential bidders earlier this week, said the people, who asked not to be identified because the talks are confidential. The French company expects to get the first bids by December, they said.
The parking-lot business, which had 2012 earnings before interest, taxes, depreciation and amortization of 210 million euros, has attracted early interest from private-equity investors, infrastructure funds and the investment units of several Canadian pension funds, they said. Vinci wants to fetch as much as 2 billion euros for the asset, the people said. Vinci, Barclays and BNP Paribas declined to comment.
Vinci is selling some assets in Europe and in December agreed to buy Portuguese airport operator ANA-Aeroportos de Portugal SA for 3.1 billion euros to tap growing travel to Latin America and Africa. Vinci Parks provides retail parking spaces at venues including hospitals, airports and prime city center locations across Europe.
Citing people it didnt identify, French newspaper Les Echos reported last week that Vinci hired advisers to explore a sale of the car park unit.
Vinci Chief Executive Officer Xavier Huillard told Les Echos on July 31 that the company may work with another parking lot operator to fund acquisitions. He told analysts the same day that there’s “a lot of interest” from investors such as infrastructure funds for the company’s assets such as motorways, airports and parks.