Metropolis Technologies, Inc. has closed its acquisition of SP Plus Corporation (“SP+”) in a deal that solidifies Metropolis as the largest parking network and operator in North America. The acquisition was financed through a $1.8 billion financing, with Eldridge Industries leading the funding and significant investment from BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, Temasek, and Metropolis' existing shareholder group led by 3L.
As part of the acquisition deal, holders of SP+ common stock received $54.00 per share in cash, representing a premium of approximately 52% to the closing stock price on October 4, 2023, and approximately 28% premium to the 52-week high as of October 4, 2023. With this, SP+ shares will no longer trade on the Nasdaq Global Select Market.
Metropolis financed the acquisition with $1.05 billion in Series C preferred stock financing and $550 million of term debt financing, each provided by Eldridge Industries and other institutions. In addition, Metropolis obtained a separate $175 million revolving debt facility from PNC Bank, National Association. The acquisition implied an enterprise value of approximately $1.5 billion for SP+.
Following the acquisition, Metropolis now owns 100% of SP+ and its nearly 20,000-person team. Metropolis is now the largest parking network in North America with more than 4,000 locations and over 20,000 employees. The company's AI technology is expected to reach more than 50 million consumers, processing over $4 billion in payments a year.
Metropolis is an artificial intelligence company whose computer vision platform enables checkout-free payment experiences for the real world. Its proprietary AI-driven technology reaches more than 50 million customers while reducing costs, increasing transparency, and capturing additional revenue for real estate partners.
Eldridge Industries is an investor in Metropolis and led the financing of the transaction, demonstrating how innovation and technology can evolve legacy industries for the 21st century. SP+ develops and integrates industry-leading technology with best-in-class operations management and support to deliver mobility solutions. It has nearly 20,000 team members located throughout North America and Europe.
This acquisition marks a transformational moment for Metropolis, positioning the company as a leader in the parking industry and setting the stage for further growth and innovation in the real world. Today the company's shares have moved 0.0% to a price of $53.99. Check out the company's full 8-K submission here.
