Hungarian venture capital firm to invest HUF 1 bln in China

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Hungarian-owned GB & Partners will invest almost HUF 1 bln through a capital raise in Budapest-based EPS Global, a company working on smart parking solutions with Chinese multinational telecom company ZTE Corporation - according to a statement from EPS Global, GB & Partners and i-Cell, the majority owner of EPS, to Hungarian news agency MTI Wednesday.

GB & Partners will carry out the capital raise using funds from Exim Exportösztönző Magántőkealap, one of the state-owned Eximbankʼs two private equity funds, through a company jointly owned by i-Cell. 

The statement said EPS Global wants to obtain the right to operate at least 100,000 parking places in China in the coming years through the company jointly owned with ZTE.

ZTE-EPS has already signed the contract to establish and operate a smart parking system for 10,000 parking places in the city of Yangchun under a 20-year concession.

GB & Partners manages four funds to a value of EUR 81 million.

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