KKR said June 14 that 100 percent of Q-Park NV shareholders have accepted its offer to buy the company. In May, KKR agreed to buy Q-Park, a Dutch car park operator. The deal has an enterprise value of 2.95 billion euros ($3.31 billion), including debt.
LONDON & MAASTRICHT, the Netherlands–(BUSINESS WIRE)–KKR, a leading global investment firm, has today announced that 100% of the shareholders of Q-Park N.V. (Q-Park) have accepted its offer for all shares in Q-Park.
Vincent Policard, Director of KKR Infrastructure, said: “We are delighted to have received the approval of the full Q-Park’s shareholder base. We look forward to working with the company to support its growth strategy, team up with public and private partners to provide mobility solutions for the cities and offer Q-Park enhanced access to funding in the context of the anticipated consolidation of the fragmented parking industry.”
Frank De Moor, CEO of Q-Park, said: “This is an important milestone for Q-Park. KKR’s sector expertise, track record and broad range of financial and operational capabilities make it the perfect partner for the next stage in the company’s development. I look forward to working closely with the KKR team as we capitalise on the opportunities ahead of us.”
Under KKR’s ownership, Frank De Moor, Chairman of the Management Board and CEO since 2014, and Marcello Iacono, CFO since 2015, will continue to head the management team. All current arrangements with works councils, relevant trade unions and Q-Park’s staff remain in place.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2017. Q-Park’s ownership shifts from the current group of shareholders to KKR’s infrastructure funds.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Q-Park is one of Europe’s leading parking services providers, with 871,449 parking spaces in 6,343 secure, clean, and well-managed parking facilities across ten Northwest European countries. Q-Park provides a high level of quality which is maintained by a workforce of 2,152 full-time employees with costs controlled through the use of increasingly smarter solutions and systems. We demonstrate that effective regulated and paid parking make an economic contribution to cities and society and that a positive parking experience contributes to how people enjoy their visit, journey, shopping, or commute. For more information about Q-Park, please visit www.q-park.com.