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Standard Parking and Central Parking receive green light to merge

Two parking providers have been given the go-ahead to combine.

27 September 2012

Standard Parking has been given the green light to proceed with its planned merger with Central Parking Corporation.

Merger and acquisition consultants can now work to finalise the deal, which is expected to be promptly consummated.

The US Department of Justice completed an anti-trust review into the tie-up and business negotiations resulted in the corporations coming up with an agreement that satisfied the government agency's concerns.

"We look forward to closing the merger and moving forward with our integration plans so that we can realise the transaction's anticipated benefits for our clients, customers and stockholders," chief executive officer and president of Standard Parking Corporation James Wilhelm said.

Central Parking operates in hotels, offices, mixed-use developments, arenas, stadiums, toll roads, municipalities, universities and hospitals, while Standard Parking owns more than 1.2 million parking spaces in hundreds of North American cities.

The merger is expected to be completed by the end of Standard Parking's 2012 third quarter, with the two firms forecast to operate jointly on October 1st.

Posted by Edel Quinn

Source: Joint press release, September 26th

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