SP Plus soars on $1.5 bln buyout deal with Metropolis Technologies

SP Plus

05/10/2023 13:58

** Parking facility manager SP Plus  SP.O  jump 47.5% to
$52.24 premarket 
    ** Metropolis Technologies to acquire co for $54/shr 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 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 
    ** Up to last close, stock was up 2% YTD

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