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Ardian, Credit Agricole in exclusive talks for stakes in €2bn-valued Vinci Park

12 Feb 2014

car-dashboard_sq2European private equity firm Ardian and French bank Credit Agricole have entered exclusive talks to buy the car parks business of French construction firm Vinci in a deal valuing the business at almost €2bn.

Ardian and Credit Agricole’s insurance unit will take 37.5 per cent stakes in Vinci Park, with Vinci retaining a 25 per cent stake.

The completed deal would see the business expand into high-growth markets such as North America, Latin America and Asia, a statement from the companies said.

A trio of private equity majors were expected to go head to head with two Canadian pension fund giants for Vinci Park, AltAssets reported last month.

KKR, Charterhouse and Ardian were likely to bid for the asset according to Reuters, which cited three people close to the deal.

It said the Ontario Teachers’ Pension Plan and Canadian Pension Plan Investment Board were also expected to submit offers, as was infrastructure player Antin.

Some of those bidders could team up into consortia, Reuters added, with one source saying a deal could be wrapped up by late February.

Vinci Park operates about 2,600 parking-lot assets in 14 countries, and had revenues of €615m in 2012.

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