M&A · Industrials · Services-Auto Rental & Leasing (No Drivers)
Metropolis Technologies, Inc. to acquire SP Plus Corp
Announced Oct 5, 2023 · Closed May 16, 2024
Deal value$1.50BEV $1.50B
Premium52.0%To unaffected price
EV / Adj. EBITDA11.6x0.9x EV / Revenue
ConsiderationAll cash$54.00 per share
Transaction
- Acquirer
- Metropolis Technologies, Inc.
- Target
- SP Plus Corp (CRLKP)
- Buyer type
- Strategic
- Offer price per share
- $54.00
- Enterprise value
- $1.50B
- Status
- Closed May 16, 2024
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $60.0M · 4.0%
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs, Morgan Stanley
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $3.0M
Sector context · Industrials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 52.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- 11.6x vs. 10.8x sector median
- Break fee
- Sector median 2.9%
Timeline
- AnnouncedOct 5, 2023
- Proxy filedDec 18, 2023
- Definitive proxyJan 10, 2024
- Shareholder voteFeb 9, 2024
- ClosedMay 16, 2024
Valuation · fairness opinions
Trading comparables$33.50$49.50
Trading comparables$33.75$50.50
Future share price$41.50$54.25
Discounted cash flow$47.25$67.75
Precedent transactions$45.25$57.25
Offer $54.00
Implied value per SP Plus Corp share by analysis, from Morgan Stanley · DCF discount rate 8.8%–9.4%.