Fenwick Represents Metropolis Technologies in Financing for $1.5 Billion Acquisition of SP Plus Corporation

Fenwick represented Metropolis Technologies, a technology company whose computer vision platform enables checkout-free payment experiences, in the $1.7 billion financing for its acquisition of SP Plus Corporation (Nasdaq: SP) a technology and operations management provider of mobility services for aviation, commercial, hospitality and institutional clients throughout North America and Europe. Metropolis Technologies acquired SP Plus for $54.00 per share in cash. This represents a premium of approximately 52% to the SP Plus closing stock price on October 4, 2023 and approximately 28% to its 52-week high for an aggregate enterprise value of approximately $1.5 billion.

With the acquisition of SP Plus, Metropolis will be able to bring new capabilities to its North American network and cover more than 360 cities, serving millions of consumers and processing over $4 billion in payments annually. More information can be obtained from the news announcement.

The Fenwick team included corporate partners Faisal Rashid, Mark Stevens and Eric Shedlosky, associates Aaron Ginsburg, Tarra Theisen and Paige Tucker and law clerk Ty Chung; tax partner William Skinner; antitrust partners Tom Ensign and Steve Albertson; and executive compensation partners Shawn Lampron and Marshall Mort.