Vinci and Fortis in exclusive negotiations to bring their parking

Vinci and Fortis have signed a Memorandum of Understanding for the rapprochement of their operations from parking, creating the world's number one industry. The transaction is expected to be completed in the third quarter.

Vinci Park, a subsidiary of Vinci, which took over the past two months 65,000 parking spaces (12,000 in Germany and 53,000 in Canada), could still grow. Vinci and Fortis announced Wednesday that it has signed a Memorandum of Understanding for the rapprochement of their operations from parking, creating the world's number one industry.

Vinci, European number one with 1.1 million people, hold the majority shareholder of the new entity that would manage 1.3 million places in 1,800 parks in 16 countries, say the two groups in a statement. They hoped that the negotiations through Vinci Park, a subsidiary of Vinci Concessions, and Interparking, a subsidiary of Fortis Real Estate, will finalize the transaction in the third quarter.

Undisputed leader in Belgium, Interparking manages 234,000 parking spaces. The group is also present in Germany and Austria. In 2007, he made a turnover of 240 million euros and an operating surplus of 89 million euros. Meanwhile, Vinci Park manages 1.09 million parking spaces. It should, according to the estimates of financial analysts Dexia, isolate under a 2007 gross operating surplus of 199 million euros for a turnover of 562 million.

Fortis said that the operation will have a positive impact on its solvency ratio, while Vinci consolidate the new entity fully consolidated.