PARIS (Reuters) - Vinci (SGEF.PA) is considering the sale of its parking concession business, Vinci Park, for which it could raise up to 2 billion euros ($2.7 billion), Les Echos reported on Wednesday.
The business daily, citing unidentified sources, said France’s Vinci was looking to sift through its concessions business to raise cash for future acquisitions, potentially to strengthen its construction portfolio.
A spokesman for Vinci declined to comment on the report.
It said targeted buyers for Vinci Park are mainly infrastructure funds, noting that with 2,600 parking lots in 14 countries, the business generated around 200 million euros in earnings before interest, tax, depreciation and amortization on revenue of 700 million euros.
CEO Xavier Huillard told les Echos in an interview in July that Vinci already had over 1 billion euros in cash to finance acquisitions but that it could consider opening up the capital of its concessions.
Vinci finalized its 3.08-billion-euro acquisition of Portugal’s airports operator ANA last week, and shortly after sold half of its stake in construction group CFE (CFEB.BR) for around 135 million euros.
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Reporting by Natalie Huet; Editing by Grant McCool