Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Metropolis Technologies to Acquire SP Plus for USD 1.5bn.

Document Cited in Related
Vincent

MANews-(C)2009-2023

US-based technology company Metropolis Technologies, Inc., offering a platform that enables checkout-free payment experiences, has agreed to acquire US-based technology and operations management provider SP Plus Corp. (NASDAQ: SP), offering mobility services for aviation, commercial, hospitality, and institutional clients throughout North America and Europe, the company said.

Metropolis will acquire SP+ for USD 54.00 per share in cash. This represents a premium of approximately 52% to the SP+ closing stock price on October 4, 2023 and approximately 28% to its 52-week high for an aggregate enterprise value of approximately USD 1.5 bn.

Metropolis has obtained commitments for equity and debt financing totaling USD 1.7 bn to complete the transaction, consisting of 1.05 bn in Series C preferred stock financing and USD 650 m of debt financing.

These financing commitments are led by Eldridge and existing Metropolis investor 3L Capital, along with new investors including BDT & MSD Partners' affiliated credit funds, Vista Credit Partners, and Temasek. Other existing investors, Slow Ventures and Assembly Ventures, participated.

Metropolis will use the net proceeds to finance the acquisition of SP+, while retaining significant capital on its balance sheet.

Metropolis develops and deploys leading-edge computer vision technology that creates a "drive in and drive out" payment experience for consumers while increasing transparency...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT