SP Plus, a publicly traded company, owns over two million parking spaces and manages more than 3,300 parking facilities across the U.S. and Canada. The acquisition will expand Metropolis' operations to over 360 cities, with millions of customers and over $4 billion in processed payments annually. The transaction, which will take SP Plus private, has been approved by both companies' boards and is expected to close in 2024, subject to regulatory approvals and the approval of SP Plus’ stockholders.
Key takeaways:
- AI-powered parking platform Metropolis has raised $1.7 billion to acquire SP Plus, a parking facility management services provider. The funding was co-led by Eldridge Capital and 3L Capital, with participation from several other investors.
- As part of the financing, Metropolis will take on $650 million in loans and $1.05 billion in Series C preferred stock financing. The company will pay roughly $1.5 billion for SP Plus.
- SP Plus is a publicly traded business with a large parking footprint across the U.S. and Canada, owning more than two million parking spaces and managing over 3,300 parking facility locations.
- The acquisition, which will take SP Plus private, represents a 52% premium over SP Plus’ closing stock price on October 4. The transaction has been unanimously approved by both companies' boards of directors and is expected to close in 2024.