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Metropolis Technologies Inc, an AI-powered parking app, has revealed plans to buy out SP Plus.

Here’s a breakdown of the exciting details:

  • The Big Deal: Metropolis is set to acquire SP Plus for $1.5B (including debt). SP Plus shareholders can anticipate a payout of $54 per share, a hefty 52.5% premium on the stock’s closing price on Wednesday.
  • Stock Market Movement: The announcement pushed SP Plus’ share price up by 45% to $51.5. Who knew parking could be a market mover?
  • Funding Breakdown: Metropolis intends to cover this substantial expense through a strong combination of $1.7B in equity and debt financing. This comprises a $1.05B contribution from a Series C funding round, supplemented by debt financing.
  • Expansion Strategy: Metropolis CEO, Alex Israel, eyes this acquisition as an opportunity to broaden their footprint across North America. It’s a strategic move considering SP Plus operates in over 360 markets and processes upwards of $4B in payments yearly.
  • Investor Sentiment: Investors are on board with this move. Funding efforts were supported by existing investors like Eldridge and 3L Capital, and new ones including funds affiliated with BDT & MSD Partners, Vista Credit Partners, and Temasek.
  • Deal Timeline: The deal is expected to close in 2024, subject to regulatory approvals. SP Plus will subsequently go private while continuing to offer its extensive services.

Metropolis’ AI-powered tech aims to simplify parking. The company, founded in 2017 by Israel, Travis KellPeter Fisher, and Courtney Fukuda, is invested in transforming the parking experience.

Goldman Sachs and BDT & MSD Partners are advising Metropolis, with Morgan Stanley guiding SP Plus.

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