FRANKFURT/LONDON May 16 Buyout group KKR
has won the bidding for Dutch car park operator Q-Park,
a deal worth about 2 billion euros ($2.2 billion), sources close
to the matter said on Tuesday.
Bankers have prepared infrastructure style financing of 1.4
billion euros, including undrawn debt for the buyout of Q-Park,
which operates 870,000 parking spaces in Europe, the sources
A group of shareholders consisting mainly of institutional
investors, including pension funds and insurance companies, most
of which are Dutch, had put the asset up for sale.
Around five bidders had made it through to the second round
of bidding due at the end of April, including Australian
infrastructure investor Macquarie, the runner-up
against KKR, the sources said.
"The differential in last two bids was tiny," one of the
KKR and Macquarie declined to comment. Q-Park was not
immediately available for comment.
Typically, infrastructure deals can be financed with higher
leverage and will pay lower yields, compared to private equity
deals which offer slightly lower leverage and pay higher yields.
Q-Park last year reported earnings before interest, tax,
depreciation and amortisation of 195 million euros on revenues
of 825 million euros. Its net profit stood at 85.4 million
($1 = 0.9029 euros)
(Additional reporting by Toby Sterling. Editing by Emma
Thomasson and Jane Merriman)