|
contents | business | |||||||||
| Vinci, Fortis to create the world’s leading car park operator The French construction giant Vinci and Dutch-Belgian financial services group Fortis have signed 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. 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. 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. write your comments about the article :: © 2008 Construction News :: home page |