Vinci in Talks to Sell Parking Business in $2.7 Billion Deal
Ardian Sarl, formerly known as Axa Private Equity, and Credit Agricole Assurances said they’ve started exclusive talks to take control of Vinci Park, a manager of parking spaces.
The unit of Vinci SA (DG), Europe’s biggest builder, is valued at 1.96 billion euros ($2.7 billion), according to a statement. The three companies would create an entity owning all of Vinci Park, with Ardian and Credit Agricole each having 37.5 percent of the business and Vinci retaining 25 percent.
The owners will support the expansion of Vinci Park outside France, in markets such as North America, Latin America and Asia, they said in the statement. Vinci Park currently manages 1.6 million parking spaces and associated services in 14 countries.
The proposed purchase will be backed by 1.2 billion euros of debt, including 920 million euros of three- and five-year term loans, two people familiar with the transaction said. Seven banks, including Credit Agricole (ACA) SA, will provide the loans.