Shares of mobility solutions provider SP Plus (NASDAQ:SP) surged by nearly 47% in the morning session today after the company agreed to be acquired by computer vision technology provider Metropolis Technologies for $54 per share. This pegs the aggregate enterprise value for SP at $1.5 billion.
Significantly, the purchase price implies a 52% premium over SP’s closing price on October 4. Founded in 2017, Metropolis’ “drive in and drive out” solution helps real estate owners in U.S. metropolitan centers capture revenue from over five million consumers.
SP manages nearly two million parking spaces and has a presence at more than 160 airports. This acquisition will help Metropolis expand its market for checkout-free payment experiences. The transaction is also expected to help SP advance the pace of technology deployment and expand its client base.
What Is the Annual Revenue of SP Plus?
Impressively, SP’s revenue has steadily ticked upward from $549 million in 2020 to $794.4 million in 2022. Metropolis has secured equity and debt financing commitments of about $1.7 billion to complete the deal. The transaction is anticipated to close in 2024 and has received approval from the Boards of both companies.
Upon closing, SP Plus shares will cease to trade publicly. With today’s price gain, shares of the company have surged by nearly 56% over the past year.
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