SYDNEY, AUSTRALIA: Smart Parking Limited (ASX:SPZ) announced the acquisition of 100% of NE Parking Limited (NEP).
NEP, founded in 2016, manages 517 manually operated parking sites in the North West of England.
The 517 sites under management will be added to existing manually operated Smart Parking estate and provides SPZ with opportunities for upgrading suitable sites to ANPR technology.
SPZ CEO, Paul Gillespie commented; “We are excited to welcome the NE Parking business and customers to the Smart Parking Group. NE Parking has built a well-respected company in recent years with a strong portfolio of sites under management across the North West of England.”
The acquisition follows several weeks of negotiation and due diligence. There are no conditions to settlement, and the Company shall pay $0.52m to acquire 100% of NEP. Warranties customary for a business of this nature have been provided, and it has been agreed that the General Manager of NEP shall assist in transition of the business for the first 6 months post-settlement.
Smart Parking Limited is a pioneering technology innovator and services company in the parking industry. With offices in Australia, New Zealand, Germany and the UK, along with a rapidly growing global network of expert partners, company brings intelligent parking sensors and integrated smart parking services to the world.
Smart Parking Limited has been an Australian Securities Exchange (ASX:SPZ) publicly listed company since early 2011.