Macquarie scoops Empark deal

28 July 2017 - 12:00 am UTC

Macquarie has signed a deal with the owners of Empark to acquire 100% of the company, it is understood.

The infrastructure investor is understood to have reached an agreement with all three owners of Empark: ASSIP, a holding company belonging to a Portuguese family investment firm called A. Silva & Silva (78.8%); and minority shareholders Haitong (12.9%) and TIIC (8.3%).

Macquarie was among a number of bidders, understood to include KKR-backed Saba Infraestructuras, which submitted binding bids in mid-July.

The sale was initiated by ASSIP, which earlier this year increased its stake and simplified the company’s shareholding structure. In February 2017, ASSIP launched a strategic review including the potential sale of its shares in Empark.

The two minority shareholders were expected to join if the price offered were in line with their expectations, it is understood.

The price agreed is not known, although it is understood that the company has been valued above recent reports that placed it at around EUR 900m.

Empark’s shareholders called off a sale attempt in 2015 due to disagreements over price and because of an improvement in the company’s performance. The shareholders ended exclusive negotiations with Vinci Park – now Indigo – after it made a EUR 800m offer, sources said at the time.

Empark recorded an EBITDA of EUR 71.4m for full year 2016, up from EUR 67.7m the year before. Annual 2016 revenues rose from EUR 189m in 2015 to EUR 201m.

JP Morgan and Caixa Banco do Investimento (Caixa BI) are understood to be sell-side advisers (financial). Buy-side advisers are understood to include Macquarie Capital, BBVA (financial); Clifford Change, PMLJ Advogados (legal); KPMG (due diligence); LEK (commercial); Arup (technical); and Marsh (insurance).

The transaction follows a flurry of M&A deals in the car infrastructure space, including this month’s sale by Macquarie’s MEIF II of its 100% shares in the UK’s National Car Parks (NCP) to Japanese strategic Park24 and the Development Bank of Japan.

This deal followed an agreement in May by Dutch investors to sell Q-Park to KKR Infrastructure, which was recently joined by EDF Invest as a co-buyer; and the sale by Ardian and Predica of Indigo, with BAFOs expected after the summer holidays.