Willkie Farr & Gallagher LLP
05/17/2024 | News release | Distributed by Public on 05/17/2024 10:05
Willkie Advises Metropolis Technologies on $1.5 Billion Acquisition of SP Plus Corporation
Willkie Advises Metropolis Technologies on $1.5 Billion Acquisition of SP Plus Corporation
News
share
May 17, 2024
Willkie advised Metropolis Technologies, Inc., an artificial intelligence company whose computer vision platform enables checkout-free payment experiences, on its take-private acquisition of SP Plus Corporation, the largest parking network and provider of mobility services for aviation, commercial, hospitality and institutional clients in North America.
On May 16, Metropolis announced that it closed its take-private of SP Plus, acquiring the company for $54.00 per share in a deal with an enterprise value of approximately $1.5 billion. Metropolis secured $1.8 billion in committed financing for the acquisition, led by Eldridge Industries. The acquisition was announced on October 5, 2023.
SP Plus develops and integrates industry-leading technology with best-in-class operations management and support to deliver mobility solutions that enable the efficient and time-sensitive movement of people, vehicles, and personal travel belongings.
Following its take-private acquisition of SP Plus, Metropolis is the largest parking network in North America with more than 4,000 locations.
The Willkie team was led by partners Steven Seidman, Laura Delanoy and Morgan McDevitt and included associates David Avraham and Shuman Zhou.
On May 16, Metropolis announced that it closed its take-private of SP Plus, acquiring the company for $54.00 per share in a deal with an enterprise value of approximately $1.5 billion. Metropolis secured $1.8 billion in committed financing for the acquisition, led by Eldridge Industries. The acquisition was announced on October 5, 2023.
SP Plus develops and integrates industry-leading technology with best-in-class operations management and support to deliver mobility solutions that enable the efficient and time-sensitive movement of people, vehicles, and personal travel belongings.
Following its take-private acquisition of SP Plus, Metropolis is the largest parking network in North America with more than 4,000 locations.
The Willkie team was led by partners Steven Seidman, Laura Delanoy and Morgan McDevitt and included associates David Avraham and Shuman Zhou.