Brussels, 20th April 2007
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of APCOA Parking Holdings Gmbh of Germany by Eurazeo S.A. of France. After examining the proposed operation the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
Eurazeo invests in companies which are active in numerous sectors, such as budget hotels, car rental and real estate. APCOA is a pan-European provider of facility management services.
The Commission’s examination of the proposed transaction showed that there are no horizontal overlaps between the activities of Eurazeo and APCOA.
The Commission also studied actual and potential vertical relationships between the activities of the parties. In particular, Eurazeo has a controlling stake in Europcar and Vanguard, which are both active in the short term car rental market. APCOA is active in the management of parking facilities, which is a financial factor for car rental services.
The Commission concluded that there would be no risk of competition concerns
on any of the markets concerned as the number of markets where both parties are
present is limited. In addition, most of the contracts with car rental companies
are controlled or concluded by the airport authorities and in most countries
franchisees operate the car rental business. Finally, the costs of parking
places are insignificant compared to the total costs of car rental