La Défense, 29th April 2024
INDIGO Group announced the completion of the acquisition of 100% stake of Parkia, one of the leading Iberian off-street car park operators
INDIGO Group, the global leader in parking and urban mobility solutions, completed with the support of its shareholders - Crédit Agricole Assurances, Vauban Infrastructure Partners and MEAG - on the 29th of April, the acquisition of 100% of Parkia Spanish Holding SLU and its subsidiaries following the approval of the transaction by the Spanish anti-trust authority.
In line with its growth strategy to be one of the leaders in its geographies, this acquisition, combining the 3rd and 4th operator in Spain in terms of off-street number of spaces, represents a good opportunity for the Group to consolidate its market position both in Spain and across Europe. Indeed, the Group will significantly reinforce its leading European position by increasing its exposure to core European regions such as Spain and Andorra. The combined entity will operate the car parks under the Indigo brand and will become a strong market player in Iberia by EBITDA.
Parkia is a pure player in the off-street segment with a portfolio of high-quality concession contracts and ownerships, with a remaining duration of around 38 years. This will strengthen Indigo's infrastructure business model. Moreover, Parkia's concession portfolio is unique with an inflation-linked tariff mechanism and is well diversified within Spain and Andorra, with a major presence in mid-sized cities. Parkia has experienced strong growth in recent years as well as a rapid recovery from Covid-19, reaching a turnover of over 53 million euros in 2022.
This acquisition also provides INDIGO Group with a good opportunity to accelerate and intensify the deployment of its strategy in Spain, which is to support cities in their transformation and transition towards more sustainable urban environments. In line with the directions taken by Parkia, Indigo will reinforce its commitment to urban mobility and energy transition by continuing to deploy electric vehicle charging points, as well as soft mobility for bike parking and new activities that cater to low-impact mobility needs. It will also provide cities with an operational response to the political goals of regulating city-center traffic and encouraging the expansion of sustainable modes of travel.
The cash outflow required for this transaction has been financed temporarily with the current liquidity of the Group and short-term overdraft while Indigo's shareholders - Crédit Agricole Assurances, Vauban Infrastructure Partners and MEAG - will proceed to a common equity injection in the course of 2024, in line with the Group's commitment to maintain a strong Investment Grade rating.
Rothschild & Co and Gómez-Acebo & Pombo acted as financial and legal advisors to INDIGO Group, respectively. Accuracy, Cuatrecasas and Bureau Veritas performed the Finance, Tax, and Technical due diligences, respectively.
About Parkia
Founded in 1997 and based in Madrid, Spain, Parkia is a pure off-street player, with more than 70 off-street car parks and more than 38,000 car park spaces located in 44 cities across Spain and Andorra. The portfolio is widely diversified and mostly concession based. Parkia holds a strong geographical diversification translating into low counterparty risk, with its top 10 car parks representing only 40% of revenues in 2022. It is currently owned by Igneo Infrastructure Partners.
Visit www.parkia.es
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Indigo Group
| Analyst / Investor contact: | Press contact: |
| Mathieu Barnavon | Bruno Tallent |
| ir@group-indigo.com | bruno.tallent@group-indigo.com |
About Indigo Group S.A.
The Indigo Group, which owns nearly 100% of Indigo Infra, Indigo Neo and INDIGO®weel, is a global player in parking and urban mobility, managing more than 1.4 million parking spaces and their associated services in 10 countries.
Indigo Group is indirectly 49.2% owned by Crédit Agricole Assurances, 34.3% owned by Vauban Infrastructure Partners and 14.9% owned by MR Infrastructure Investment GmbH (MEAG), and held 0.2% of its own shares in treasury, with the Group's management owning the remainder of the shares.
www.group-indigo.com
Notice
The information contained herein has been included in good faith but is intended for general information purposes only. All reasonable precautions have been taken to ensure that the information contained herein is not false or misleading. It should not be relied upon for any specific purpose and no representation or warranty is made as to its accuracy or completeness. This press release should be read in conjunction with the information about Indigo Group S.A. (the "Company") published on its website at www.group-indigo.com.
This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities. Its preparation does not constitute a recommendation regarding securities. Nothing in this document may be used as the basis for entering into a contract or agreement.
This document may contain objectives and forward-looking statements concerning the Company's financial condition, results of operations, business activities and expansion strategy. Although based on reasonable assumptions, these objectives and statements are subject to numerous risks and uncertainties, including factors not presently known to the Company or that it does not currently consider material, and there can be no assurance that the anticipated events will occur or that the stated objectives will be achieved. All forward-looking statements are the current expectations of the Company's management regarding future events and are subject to several factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The information is current only as of the date hereof and the Company assumes no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additional information about the factors and risks that could affect the Company's financial results is included in the documents filed by the Group with the Autorité des Marchés Financiers and available on its website at www.group-indigo.com.
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