Itochu agrees to buy minority stake in UK’s JustPark

24 October 2019 - 12:00 am UTC

Japanese trading house Itochu today said it has agreed to form a capital and business alliance with UK parking-sharing platform startup JustPark Parking.

The Tokyo-based company will buy “several percentage” of JustPark’s outstanding shares, an Itochu spokesperson told Inframation, without elaborating on details such as the transaction value and the identity of the stake seller.

Established in 2006, London-headquartered JustPark is an aggregator of parking spaces. Drivers use its platform to find and reserve parking space through the web or a mobile application. Itochu said JustPark has more than 3.5 million registered drivers.

The transaction is in line with Itochu’s strategies to promote new mobility businesses and related services such as car-sharing.    

Itochu operates a car maintenance business through unit European Tyre Limited in the UK and the Netherlands, with about 930 directly managed outlets under the “Kwik Fit” brand. Last year, Itochu also invested in London-based car sharing startup HiyaCar.

The company said it aims to further develop its mobility business by partnering JustPark’s platform with HiyaCar’s matching function.

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