Vinci completes partial sale of parking business to Ardian and Credit Agricole

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Vinci completes partial sale of parking business to Ardian and Credit Agricole

Less than four months after they began exclusive talks, Ardian, Credit Agricole Assurances and VINCI yesterday finalised the creation of a company that will own 100% of VINCI Park's share capital. Ardian1 will hold 37.5% of the new company, Crédit Agricole Assurances2 37.5% and VINCI Concessions 25%. Within the next few weeks, management and employees will also be offered an opportunity to acquire an interest in the new company.

Reuters announced in February that seven banks would provide around €1.2 billion of infrastructure loans to back the acquisition of VINCI Park by Ardian, formerly known as Axa Private Equity, and Credit Agricole Assurances.

The source said that Barclays and BNP Paribas, which advised on the sale, were expected to be included in the line-up. The financing package was expected to include investment grade five-year facilities split between term loans and revolving credit facilities.

Reuters confirmed that the loans would be similar to the loan used to back Manchester Airports Group's 1.5 billion pound acquisition of London's Stansted airport last year.

The operation is based on a VINCI Park enterprise value of €1.96 billion. The financial structure of the transaction will make it possible to refinance most of VINCI Park's debt, said VINCI  in a press release.

Ardian, Credit Agricole Assurances and VINCI plan to continue to support VINCI Park's growth, working with current management. The move is aimed at increasing the company's presence in high-growth markets such as North America, Latin America and Asia, while maintaining its leadership positions in France and other European countries.

The transaction has been finalised after consultation with employee representative bodies and approval by the relevant competition authorities.

Vinci Park had an EBITDA of nearly €200 million on revenues of €700 million in 2012.

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