Vinci and Fortis Bank have signed a memorandum of understanding to merge their public parking businesses. The deal involves the parking lots managed by Vinci Park, a unit of Vinci Concessions, and Interparking, part of Fortis Real Estate. Both parties would hold a stake in the new company, with Vinci retaining a majority interest in the new entity, which will manage 1.3 million parking places worldwide across 16 countries.
Vinci and Fortis Bank have signed a memorandum of understanding to merge their public parking businesses. The deal involves the parking lots managed by Vinci Park, a unit of Vinci Concessions, and Interparking, part of Fortis Real Estate. Both parties would hold a stake in the new company, with Vinci retaining a majority interest in the new entity, which will manage 1.3 million parking places worldwide across 16 countries.
The two companies said in a joint statement that the new company will have easy access to the necessary financial resources to invest in growing markets and will play a more dynamic role in the international public parking sector.
The transaction is expected to be completed by the third quarter of 2008 conditionary on approval by the supervision authorities.
Interparking develops and manages public parkings across 200 European cities. The company manages a total of 480 parking lots with some 235,000 parking places and is the third largest parking manager in Europe with a strong presence in the Benelux region, Germany, Spain, Austria and Italy. Fortis Insurance Belgium bought Interparking in 2002 via its unit Fortis Real Estate.
Founded in 1963, Vinci Park is active across 12 countries and manages about 1 million parking places in Europe and north America. The company recently expanded into Russia, US and Canada, while in Europe it has a strong presence in France, UK and Spain.
