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Standard Parking Corp
Standard Parking Corp. (STAN)’s acquisition of Central Parking Corp. won U.S. Justice Department approval after an agreement to sell some assets.
The Justice Department, in court filings today in Washington, said the company must divest itself of its interests in 107 parking facilities within the next 90 days. The facilities are located in 29 cities in 21 states, including Atlanta, Boston and Baltimore, according to a department statement.
The deal, which combines the two largest U.S. parking-lot operators, is valued at about $345 million, according to court documents.
“Consumers have benefited from lower parking prices because of competition between Standard and Central in many urban central business districts,” Acting Assistant Attorney General Joseph Wayland, who heads the antitrust division, said in a statement. “These divestitures will ensure that consumers in the affected cities and states will receive better services.”
Chicago-based Standard Parking, which manages 1.2 million parking spaces across North America, announced in February that it agreed to buy Central Parking from private-equity interests.
Central Parking is owned by affiliates of private-equity firm Kohlberg & Co., Lubert-Adler Partners LP and Versa Capital Management LLC.
The case is U.S. v. Standard Parking Corp., 12-cv-01598, U.S. District Court, District of Columbia (Washington).
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