VINCI and FORTIS : exclusive negotiations to create the world’s leading car park operator
5 March 2008 - Acquisitions
VINCI and FORTIS have signed today a memorandum of understanding with a view to combining their activities in the public car park industry. This combination would be achieved through VINCI Park a subsidiary of VINCI Concessions and INTERPARKING, a subsidiary of FORTIS Real Estate. Both groups would share the equity of the new entity, which would be majority owned by VINCI, FORTIS will keep a significant stake. The new entity would manage 1.3 million parking spaces in 1,800 car parks in 16 countries worldwide.
The two companies have a very complementary set of activities. VINCI Park is the European car park industry leader and a major player worldwide with a strong presence in various countries in Europe – especially France, UK and Spain – and North America. INTERPARKING is Europe’s third biggest car park operator with a large base of freehold properties and a strong presence in Benelux, Spain, Germany, Austria and Italy.
This combination would be an excellent opportunity to strengthen the new player’s presence in a number of key markets and thus benefit from increased brand effect. Furthermore, it will increase the pool of expertise to deliver the best and most innovative service to its customers.
The new entity will have better access to the necessary financial means to invest in newly developing markets and should become even more dynamic in the international public parking industry.
After a period of due diligence the final agreement is expected to be signed in the third quarter of 2008. The completion of the transaction will be subject to customary closing conditions and regulatory approvals.
The transaction will have a positive impact on FORTIS solvency ratio.
The new entity will be fully consolidated by VINCI.
For nearly half a century, the INTERPARKING Group has been designing, developing and operating public car parks (off-street) across Europe, thus providing vital breathing space to inner-city areas in some hundred towns and cities where INTERPARKING has a presence. The Group operates a total of 480 car parks with almost 235,000 spaces in airport, hospital and shopping centre car parks on town centers and outskirts of the cities. Together, these car parks handle more than 50 million vehicles a year.
INTERPARKING was acquired in 2002 by FORTIS Insurance Belgium in the context of its Assets & Liabilities management strategy, via its subsidiary Fortis Real Estate, with the aim of diversifying its real estate portfolio. For more information, go to www.interparking.be
VINCI Park, market leader in Europe and a major operator worldwide since 1963, has a presence in 12 countries in all market segments and currently operates 1,090,000 parking spaces in 1,300 car parks in Europe and North America. Over recent years, the company has successfully increased its international presence in Canada, the Unites States, Eastern Europe and Russia. VINCI Park develop an offer built on parking and an entire range of associated services that are continuously improved.
VINCI Park continuously strives to offer cities customised solutions to their mobility issues, focusing strongly on respect for the environment and the dynamism of the activities of urban centres.
FORTIS is an international financial services provider engaged in banking and insurance. It offers its personal, business and institutional customers a comprehensive package of products and services through its own channels in collaboration with intermediaries and through other distribution partners. With a market capitalisation of €32 billion (4 March 2008), FORTIS ranks among the 15 largest financial institutions in Europe. Its sound solvency position, presence in more than 50 countries and dedicated, professional workforce of 60,000 enable it to combine global strength with local flexibility and provide clients with optimum support. More information is available on www.fortis.com
VINCI, the world’s leading concession operation and construction group, has based its growth strategy from the outset on its integrated construction-concession operation business model.
The work of its 158,000 employees consists of financing, designing, building and operating infrastructure that enhances everyone’s life: transport infrastructure, public and private buildings, car parks, urban development projects, communication and energy networks, etc.
With operations in over 90 countries, the Group generated revenue of €30.4 billion in 2007. With a market capitalisation of €21,8 billion (4 March 2008), VINCI is listed on the Paris stock exchange and is included in major European indexes such as the CAC 40, DJ Eurostoxx 50, Aspi Eurozone and DJSI . More information is available on www.vinci.com
VINCI is a global player in concessions and construction, employing more than 217,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.