TOKYO -- Japanese parking lot operator Park24 said Friday that it will acquire British peer National Car Parks, jointly with the Development Bank of Japan.
The deal is valued at roughly 312 million pounds ($408 million). Park24 will set up a U.K. subsidiary this month to buy a 51% stake in the British company for about 159 million pounds. The DBJ will take the rest.
After the deal, Park24 will operate parking spaces for about 1.2 million cars in eight countries.
National Car Parks was established in 1931 and operates parking spaces for roughly 150,000 cars. Park24 will keep the British company's brand name, hoping to capitalize on the company's 30% U.K. market share.