Ardian, Credit Agricole Assurances and Vinci have entered exclusive talks to create a joint company that would be the sole shareholder of parking space operator Vinci Park.
The deal would see both Ardian and Credit Agricole buy 37.5 percent of Vinci Park, with Vinci retaining 25 percent. The transaction is set to value the business at €1.96 billion.
The prospective partners intend to support the company’s growth outside France, while maintaining its leadership position in its home market. There will be a particular focus on expanding Vinci Park’s foothold in North America, Latin America and Asia, they said in a press release.
Vinci Park, which manages around 1.6 million parking spaces, currently operates in 14 countries.
Ardian will fund the deal via its Infrastructure Fund III, which closed last March on €1.45 billion. The vehicle was topped by a further €300 million earmarked for co-investments.
Ardian completed its spin-out from insurance group AXA last October, when its management team members became the largest shareholders in the business. Mathias Burghardt remained at the helm of the infrastructure unit.
The deal comes shortly after Vinci unveiled strong annual results, with revenue and EBITDA respectively growing 4.4 percent and 6.4 percent in 2013.
In addition to expanding its car park business in fast-growing economies, the group intends to tap booming airline traffic in emerging markets by targeting concessions in countries such as Chile and Peru. It also has its sights on airports in Asia, regional platforms in Southern Europe and the US and motorway concessions in Colombia.