Park24 makes $408m acquisition of UK's National Car Parks
Japanese parking lot operator Park24 is set to acquire the UK's National Car Parks (NCP), in a deal worth around £312m ($408m). The purchase, a joint venture with the Development Bank of Japan, will give Park24 a 51% stake in NCP in its first foray into Europe, with the bank taking the remaining share. The acquisition could lead to greater investment in technology, including contactless payment across NCP assets, as less than 30% currently offer the service to customers, according to Paul Gallagher, a consultant in JLL's automotive team.

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.