SP Plus Corporation (NASDAQ:SP) completed its merger with Metropolis Technologies, becoming a wholly-owned subsidiary of the AI company.

The merger, finalized on May 16, 2024, follows a previous agreement between the two companies aimed at combining SP Plus's extensive parking network with Metropolis's cutting-edge artificial intelligence technology to revolutionize the mobility and parking industries.

Under the terms of the merger, SP Plus Corporation shareholders will receive $54 in cash for each share they own, offering a significant premium over the stock's recent trading values.

This strategic takeover will leverage Metropolis's AI platform across SP Plus's North American operations, enhancing consumer experiences with seamless, tech-driven solutions.