secwatch.observer — SEC 8-K summary
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Issuer:     SP Plus Corp (—)
CIK:        0001059262
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001193125-24-140235
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.95
Item codes: 1.01, 1.02, 2.01, 2.03, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Metropolis completes acquisition of SP Plus for $54.00/share; total consideration ~$1.07B
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- SP Plus shareholders receive $54.00 per share cash, a 52% premium to Oct 4, 2023 close.
- Total merger consideration approximately $1.07 billion; enterprise value ~$1.5 billion.
- Metropolis financed with $1.05B Series C preferred and $550M term debt, plus $175M revolver.
- SP+ shares delisted from Nasdaq; board replaced by Metropolis designees Alexander Israel and Travis Kell.
- Combined entity becomes largest parking network in North America with >4,000 locations and 20,000 employees.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1059262/000119312524140235/0001193125-24-140235-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1059262/000119312524140235/d833024d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-140235

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