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  INDIGO GROUP (ex GROUPE INFRA PARK) company press release from 23/06/2021

  23/06/2021 - 07:50

Indigo Group signed agreements for two bolt-on acquisitions in France


La Défense, 23 June 2021

 

Indigo Group signed agreements for two bolt-on acquisitions in France of the off-street parking activities of Transdev Group and of Covivio

 

Indigo Group, the world-leading car parking and individual mobility group, recently reached agreements to acquire (i) firstly the off-street parking activities of Transdev Group managed through its subsidiary Transdev Park and (ii) secondly the parking concessions and long-term leases portfolio of Covivio. With these acquisitions, Indigo Group is pursuing its growth strategy in its core business, preparing the recovery of its performance, enriching its long-term portfolio in France by integrating car parks enjoying prime geographical locations especially in Metz, Bordeaux, Marseille and in the Greater Paris area. 

Building on its established relationship with local authorities, Transdev Park operates in France approximately 50 car parks gathering more than 30,000 spaces, as well as more than 100,000 on-street spaces which are not part of the transaction. Indigo Group will acquire the entire off-street portfolio that generated a revenue of 21 million euros in 2019.

The c. 10 car parks under concessions and long-term leases of Covivio generated 20 million euros of revenue in 2019. Their average maturity is above 23 years1.

The complementary nature of the groups' geographical footprint will lead to significant operational synergies. Indigo Group will bring its expertise in terms of operations and its commitment to operational excellence and improved efficiency, with the ambition to transform urban mobility and promote new urban models for parking infrastructure.

The staff of Transdev Park dedicated to off-street parking activities, which comprises more than 180 people, will be taken over by Indigo. They will benefit from the opportunities offered by Indigo to all its employees in terms of personal and career development, especially via the Indigo Campus.

Furthermore, to address the upcoming challenges of urban mobility Indigo Group and Transdev, world-class players respectively in the car parking and in the transport markets, signed a partnership to join their respective expertise in combined transport and parking tenders as well as to provide other services to MaaS (Mobility As A Service) projects led by local authorities.

Indigo Group also concluded an agreement with Covivio to act in the future as an operator of its car parks and deploy the soft mobility solutions of INDIGO® weel.

Indigo Group will finance these two bolt-on acquisitions with its current liquidity which amounted to 518 million euros as of March 31, 2021 including 218 million euros of cash and 300 million euros of its undrawn RCF maturing in October 2023. The closings of these transactions, which are subject to usual conditions, are expected late 2021/early 2022.

As set out in its Goal 2025 strategic plan, Indigo Group confirms its positioning as a key partner of the public and the private sector for parking and individual mobility solutions, as well as its solid and profitable growth strategy in countries where it holds a leading position, in the long term and with the intention to maintain its Investment Grade rating, while pursuing its innovation and quality policy focused on its customers.

Note 1: Weighted average residual maturity of infrastructure business based on Global Proportionate normative Free Cash-Flow in 2019, assuming exercise of options for long-term leases with renewal at Covivio's discretion.


Indigo Group

Analysts / investors contact: Press contact:
Noe Poyet Benjamin Voron
ir@group-indigo.com
 
benjamin.voron@group-indigo.com

About Indigo Group

Indigo Group S.A., holding about 100% of Indigo Infra, OPnGO and INDIGO® weel, is a key global player in car parking and urban mobility, that manages more than 2.3 million parking spaces and related services in 11 different countries.

Indigo Group is indirectly held at approximately 47.4% by Crédit Agricole Assurances, 33.1% by Vauban Infrastructure Partners, 14.3% by MEAG, 0.5% in treasury shares and the remainder by the management of the group.

www.group-indigo.com


Disclaimer

The information in this press release has been included in good faith but is for general informational purposes only. All reasonable care has been taken to ensure that the information contained herein is not untrue or misleading. It should not be relied on for any specific purpose and no representation or warranty is given with regards to its accuracy or completeness. It should be read together with the information on Indigo Group S.A. 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 making does not constitute a recommendation regarding any securities. Nothing herein may be used as the basis to enter into any contract or agreement.

This press release may contain forward-looking objectives and statements about Indigo Group's financial situation, operating results, business activities and expansion strategy. Although we believe these objectives and statements are based on reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. All forward-looking statements are management's present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The information is valid only at the time of writing and Indigo Group does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations. Additional information on the factors and risks that could have an impact on Indigo Group's financial results is contained in the documents filed by Indigo Group with the French securities regulator (AMF) and available on the its website at www.group-indigo.com.

Neither Indigo Group nor any affiliates or their officers or employees shall be liable for any loss, damage or expense arising out of any access to or use of this press release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.

No reproduction of any part of it may be sold or distributed for commercial gain nor shall it be modified.

Weighted average residual maturity of infrastructure business based on Global Proportionate normative Free Cash-Flow in 2019, assuming exercise of options for long-term leases with renewal at Covivio's discretion.


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  Original Source: INDIGO GROUP (ex GROUPE INFRA PARK)