MADRID (Reuters) -French car parking lot operator Indigo has agreed to buy Spanish rival, Parkia, for between 600 million euros ($660.96 million) and 650 million euros, a company spokesperson said on Monday.
Spanish newspaper Expansion earlier on Monday reported Indigo would pay 700 million euros.
Parkia, which operates about 70 parking lots in Spain and Andorra, is currently owned by Australian-based fund Igneo Infrastructure Partners.
Indigo, one of the world’s largest parking lot operators, is 49.04% owned by French bank Credit Agricole. Investment funds Vauban Infrastructure and MR Infrastructure own the remainder.
The transaction is subject to legal conditions such as the approval by the Spanish anti-trust authority, Indigo said.
Rothschild & Co and Gomez-Acebo & Pombo acted as financial and legal advisers for Indigo, respectively. Accuracy, Cuatrecasas and Bureau Veritas performed the finance, tax, and technical due diligences, respectively.
Allen & Overy and DC Advisory advised Igneo, two sources with knowledge of the matter said.
Parkia and Igneo did not immediately respond to requests for comment.
($1 = 0.9078 euros)
(Reporting by Inti Landauro and Andres Gonzalez; editing by Louise Heavens, Jason Neely and Sharon Singleton)
