MM instructs Broseta on ElParking and Imbric acquisition

Broseta has advised Mutua Madrileña on its acquisition of mobility platforms ElParking and Imbric from Portobello Capital

Mutua Madrileña and Portobello Capital have reached an agreement whereby the insurer buys the urban mobility platforms ElParking and Imbric.

ElParking is a driver assistance and services application that can be used to pay for regulated parking in cities, reserve and pay for public car parks or private parking spaces, pay for electronic tolls, refuel at petrol stations and electric charging points, or reserve and pay for the IT (electronic vehicle tax) and pay for the ITV, as well as at garages, among other services.

For its part, Imbric offers the different existing urban transport options, both public and private, allowing them to be booked and paid for from a single application.

Mutua Madrileña, chaired by Ignacio Garralda, takes with this operation a new step in one of the main goals of its Strategic Plan 2021-2023: to place the insurer in a key position in the field of mobility, where it aims to be able to cover all the needs of its customers in the face of the economic and social changes that are transforming lifestyle habits and the way of getting around.

The acquisition has been approved by the Boards of Directors of Mutua Madrileña and Portobello Capital and is expected to be completed in the coming months once authorisation has been obtained from the National Competition Market Commission.

From Mutua Madrileña’s side, Alantra acted as investment bank, with a team led by Rodolfo Molina. On the Legal matters, MM counted on Broseta that acted with a team led by Carlos Ochoa (pictured left). MM’s in-house Business included the team of Mirenchu Villa and Alberto Izquierdo while, on the Legal side, Luis Bermúdez’s (pictured top right) acted as secretary of the Board of Mutua, including Corporate and M&A lawyer Marta Vallejo (pictured bottom right).