A report by French financial newspaper Les Echos said on Wednesday concessions and construction company Vinci has been thinking whether it should sell its parking concession business. The French company has been looking to improve its construction portfolio with future acquisitions, and would require cash in doing so, according to unidentified sources who told Les Echos.
The French daily also went on saying that possible bidders for the parking concession business would be infrastructure funds. Vinci's parking concession business has generated over EUR200 million in earnings before income, taxes, depreciation and amortization on a EUR700 million revenue from its 2,600 parking lots in 14 countries.
In July, Vinci Chief executive Xavier Huillard hinted to the same newspaper in an interview that the company would resort to opening its capital up of its concessions even though it has over EUR1 billion for acquisitions. Early last week, Vinci closed its EUR3.08 billion acquisition of ANA, Portugal's airports operator. Vinci also sold half of its holdings for EUR135 million in construction group CFE.
When asked for comment about the asset sale, a spokesman for Vinci refused to provide comment.
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