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.
|Analysts / investors contact:||Press contact:|
|Noe Poyet||Benjamin Voron|
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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.
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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.