Logistics technology firm SP Plus to go private in about $1.5 bln deal

SP Plus

05/10/2023 14:08

Oct 5 (Reuters) - U.S.-based transportation and
logistics technology firm SP Plus will be acquired by parking
technology provider Metropolis Technologies in an all-cash deal
worth about $1.5 billion, the companies said on Thursday.
    Shareholders of SP Plus will receive $54 per share,
representing a premium of 52.5% over the stock's closing price
on Wednesday. The offer price values the Chicago-based firm at
$1.06 billion.
    Shares of the company jumped nearly 47% in pre-market trade.
    SP Plus, which will go private after the deal is closed,
provides parking management, facility maintenance and event
logistics solutions among other services.
    Metropolis offers computer vision technology that is
deployed in parking lots, enabling customers to drive without
the need for a checkout.
    The company said it has secured equity and debt financing
totaling $1.7 billion to complete the transaction with $1.05
billion in Series C funding and $650 million of debt financing.
    Metropolis plans to use the proceeds to fund the
transaction, which is expected to close next year, while
retaining capital on its balance sheet.
    
    

 (Reporting by Akash Sriram in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Akash.Sriram@thomsonreuters.com; @HoodieOnVeshti on Twitter;
+91-74116-87774;))