Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has agreed to purchase 100% shares in Q-Park Operations B.V., being the holding company for parking facilities in Sweden, Norway and Finland, (“Q-Park Nordics”) from Q-Park Operations Holdings B.V., which is under management of the infrastructure team in U.S. investment fund Kohlberg Kravis Roberts & Co. The acquisition is subject to customary anti-trust approvals.
The world population in urban areas is expanding and the forecast is that 68% of the global population will live in cities by 2050. Some cities are already facing the growing social issues including heavy traffic, air pollution and insufficient parking space. Under such an environment, the smart city initiatives for IoT-based optimization of traffic, energy and other issues are drawing a lot of attention, among which parking is expected to play an important role.
Q-Park Nordics is the largest provider of parking facilities in Sweden, Norway and Finland with about 20% market share in these respective countries, operating about 370,000 parking lots.Q-Park Nordics has a strong customer base held by securing parking space concentrated in highly convenient metropolitan areas in each of the three countries. In addition to the traditional operation of parking facilities, Q-Park Nordics is active in introducing new services such as EV charging equipment, car maintenance, tire replacement, home delivery lockers, and cashless app payment options.
Sumitomo Corporation aims to bring out the highest potential of mobility platforms, and in November 2018 launched Aimo Solution AB, which is our 100% subsidiary operating car share service in Stockholm, and other mobility related businesses.
Besides the said car share business in Sweden, Sumitomo Corporation has been actively driving EV and mobility related businesses, including our participation in Japan’s largest EV charging infrastructure project and the investment in the largest peer-to-peer car sharing operator in North America. By multiplying the benefits of the existing business platform and the digital technologies such as IoT, Big Data and AI, Sumitomo Corporation will meet the enormous changes in today’s needs and realize the creation of even more convenient and enriched society.