October 6, 2023

Willkie is advising Metropolis Technologies, Inc., a technology company whose computer vision platform enables checkout-free payment experiences, in its take-private acquisition of SP Plus Corporation, a leading technology and operations management provider of mobility services for aviation, commercial, hospitality and institutional clients throughout North America and Europe.
On October 5, Metropolis and SP Plus announced that they entered into a definitive agreement under which Metropolis will acquire SP Plus for $54.00 per share in a deal with an enterprise value of approximately $1.5 billion. Upon completion of the transaction, shares of SP Plus common stock will no longer trade publicly.
Metropolis has secured $1.7 billion in committed financing for the acquisition, led by Eldridge and existing investor 3L Capital, along with new investors including BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners and Temasek. 
Metropolis develops and deploys leading-edge computer vision technology that creates a “drive in and drive out” payment experience for consumers. Metropolis has focused on bringing its checkout-free technology to its managed parking facilities, enabling top-tier real estate owners in 40+ major U.S. metropolitan centers to capture revenue from more than five million consumers who do not have to stop to pay.
SP Plus is a best-in-class technology and operations management provider with over 20,000 team members who manage approximately two million parking spaces and provide services at over 3,300 commercial locations and over 160 airports.
The transaction is expected to close in 2024, subject to receipt of required regulatory approvals and approval of SP Plus’s stockholders, as well as other customary closing conditions.
The Willkie team is led by partners Steven Seidman, Laura Delanoy and Morgan McDevitt and includes associates Madison Wiles-Haffner and Alexander Salem.