EDF Invest joins KKR in €295m Q-Park deal

The investment arm of French energy firm EDF has revealed it has co-invested alongside KKR Infrastructure in its acquisition of parking operator Q-Park.

While EDF Invest declined to disclose the size of its share in the Netherlands-based company, Infrastructure Investor understands it has bought a 10 percent stake as part of a deal that saw the buyers pay an enterprise value of €2.95 billion for the business in May.

EDF Invest’s commitment is believed to have been part of the original transaction, although its participation has only just been disclosed. It will also have a seat on Q-Park’s governing board.

The pair’s acquisition came after a crowded bidding process in which Macquarie was said to have come a “very close” second. The closing price was valued at a multiple of 15x Q-Park’s 2016 EBITDA.

Q-Park, which operates 870,000 parking spaces across 10 European countries, will complement EDF Invest’s current infrastructure portfolio. The investor’s assets are presently tilted towards core holdings such as gas firms Thyssengas and Madrileña Red de Gas, as well as Italian toll road network Autostrade per l’Italia – a deal for which is expected to be closed after a €14.8 billion fee was agreed for 5 percent of the company between EDF Invest, Allianz and DIF IV.

“Q-Park stands out by the quality of its car parks and the breadth of its portfolio in Europe,” said EDF Invest’s managing director Guillaume d’Engremont. “We are pleased to join KKR Infrastructure in this acquisition, which will ideally complement our core infrastructure portfolio.”