INDIGO Group announced the completion of the acquisition of 100% stake of Parkia

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.

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