SP Plus hits all-time high on $1.5 bln buyout deal with Metropolis Technologies

SP Plus

05/10/2023 16:45

(Updates)
    ** Shares of parking facility manager SP Plus  SP.O  rise
46.3% to an all-time high of $51.80  
    ** Metropolis Technologies to acquire SP Plus for $54 per
share in cash, implying an aggregate enterprise value of about
$1.5 bln
    ** Deal value implies a premium of 52.5% on the stock's last
close
    ** Metropolis says it has commitments for equity and debt
financing totaling $1.7 bln to complete the transaction 
    ** SP Plus will go private after the deal is closed
    ** The deal is expected to close in 2024 
    ** Including session's gains, stock up 49.2% YTD

    

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))