EQT Infrastructure sells Parkia to First State Investments-managed fund

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EQT Infrastructure sells Parkia to First State Investments-managed fund

EQT Infrastructure Limited (EQT) and Mutua Madrileña have signed a definite agreement to sell Parkia  to First State European Diversified Infrastructure Fund (First State Investments). The agreement is subject to anti-trust approval and is expected to close  during Q3 2016. The parties have agreed to not disclose the transaction value.

In May, we informed that twelve bidders, including Saba, Indigo (owned by Ardian fund), Interparking and Empark, submitted their proposals for the acquisition of Parkia.

EQT Infrastructure acquired Parkia in 2011 in a carve-out from listed construction and infrastructure company Acciona S.A. and has since supported management in implementing operational excellence across its car park portfolio, commercializing its product offering and pursuing a dedicated M&A strategy. Since 2011 Parkia has doubled in size and has currently 58 car parks in Spain and Andorra. Following the merger in 2014, EQT Infrastructure owned 66.8% and Mutua Madrileña 33.2% of Parkia.

The Company operates under long-term concession agreements with mainly municipalities and with an average remaining life of over 30 years. Parkia generated revenues of €33 million in 2015 and employs approximately 140 people.

BBVA, Allen & Overy and Garrigues acted as financial and legal advisors to EQT Infrastructure and Mutua Madrileña. Other advisors included Akerton, Deloitte, Idom and Willis.

Altium Capital and Herbert Smith Freehills acted as financial and legal advisor to First State Investments. Other advisors included Arup, KPMG and Willis.

Matthias Fackler, Partner at EQT Partners, Investment Advisor to EQT Infrastructure, commented:

“Parkia represented EQT’s first investment in Spain and is a great example of EQT’s value creation strategy. Under the leadership of a new management team and a complementary industrial board led by Fernando Conte we have transformed Parkia into the leading off-street car park operator in Spain. Parkia is set up well to continue the consolidation of the fragmented Spanish car park sector.”

Jesús López Hidalgo, CEO of Parkia, says:

“It has been a fascinating experience being part of the team since the carve out and developing Parkia into an established and well regarded operator, recognized by our customers for our great value proposition across our car parks in Spain and Andorra. On behalf of the management team I would like to thank both shareholders and the Board of Directors for the valuable support over the years. We are looking forward to continuing this exciting journey with First State Investments, improving our customers’ experience with the adaption of new technologies and growing our platform further.”

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