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Japan's Sumitomo agrees to buy Nordic parking lot operator Q-Park

Tokyo-based Sumitomo Corp. agreed to acquire Nordic parking lot operator Q-Park Operations BV from an affiliate of global investment firm KKR & Co.

Sumitomo did not disclose financial terms of the deal, but a source with knowledge of the transaction told Reuters that it was worth approximately €400 million.

Q-Park operates about 370,000 parking lots in Sweden, Norway and Finland, making it the biggest parking facility provider in those countries.

The news agency did not receive comment from KKR on the transaction, which is subject to customary antitrust approvals.