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Infrastructure - MAY 26, 2017

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KKR wins €2.95b bid for Dutch car operator

by Andrea Waitrovich

Q-Park N.V. has entered into an exclusivity agreement with KKR’s infrastructure investment platform for the acquisition of 100 percent of the outstanding shares of Q-Park. KKR Infrastructure has submitted this offer to all Q-Park shareholders for their acceptance. The Supervisory Board and Management Board of Q-Park unanimously support the transaction. Q-Park is currently owned by a group of shareholders consisting mainly of institutional investors, including pension funds and insurance companies.

The transaction represents an enterprise value of €2.95 billion ($3.29 billion).

Q-Park manages more than 800,000 parking spaces in 10 countries around Europe and had a 2.0 percent increase in revenue in 2016. The deal includes €1.4 billion ($1.56 billion) in infrastructure-style financing, which will offer higher leverage and lower pay yields compared to private equity deals.

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