SP - Why SP Plus Stock Skyrocketed 42% This Week
2023-10-05 17:58:18 ET
Shares of SP Plus (NASDAQ: SP) are up 42% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence , after the mobility solutions company agreed to be acquired by privately held computer-vision company Metropolis.
In a press release Thursday morning, SP Plus announced it has entered into a definitive agreement under which Metropolis will acquire SP Plus for $54 per share in cash, a roughly 52% premium from yesterday's close and a 28% premium from the stock's 52-week high. The deal assigns SP Plus an enterprise value of approximately $1.5 billion.
"While our technology offerings are successfully fulfilling client and market demand, with increased investment, we see the opportunity to accelerate the technology roadmap for the benefit of our clients and their customers," CEO Marc Baumann said. "Combining with Metropolis will advance the pace of technology deployment, which will allow us to do more for existing clients and add new ones as we provide additional high-quality, cutting-edge client and consumer experiences."
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Why SP Plus Stock Skyrocketed 42% This Week