Sidley is representing longstanding client Eldridge as lead provider of US$1.7 billion of equity and debt financing to Metropolis Technologies, Inc. for Metropolis’s take-private acquisition of SP Plus Corporation (Nasdaq:SP). The signing of the definitive merger agreement between Metropolis and SP+ was announced on October 5. The enterprise value implied by the acquisition is approximately US$1.5 billion. Metropolis has obtained commitments from Eldridge and other institutions for US$1.05 billion in Series C preferred stock financing and US$650 million of debt financing.
Eldridge, which was co-founded by Todd Boehly, Tony Minella, and Duncan Bagshaw, invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. Metropolis is a technology company whose computer vision platform enables checkout-free payment experiences. SP Plus is a technology and operations management provider of mobility services for aviation, commercial, hospitality, and institutional clients throughout North America and Europe.
The Sidley team is being led by Myles C. Pollin (Global Finance), along with partners Giselle M. Barth and Ram Burshtine (Global Finance), John Butler, Bill Howell, and Geoffrey W. Levin (M&A and Private Equity), and Christian Brause (Tax). The team also includes Rachel Fridhandler, Hannah L. Marshall, Amanda M. Patterson, and Adrienn T. Portnoy (M&A and Private Equity); Frederick Pai, Rachel C. Schatz, and Shneur Wolvovsky (Global Finance); Tyler J. Combest, Eric M. Grosshandler, and Joel Lifshitz (Tax); Laura Collins and Jamie Sadler (Antitrust/Competition); Marian Fielding, Robert P. Hardy, and Eric Winwood (Employee Benefits and Executive Compensation); James Mendenhall (Global Arbitration, Trade and Advocacy); Dusan Clark, Lauren G. Grau, and Dina M. P. Kang (Technology and Life Sciences Transactions); Stephen McInerney (Privacy and Cybersecurity); and Beatriz Azcuy and Connor T. Evans (Real Estate).
The General Counsel of Eldridge is Duncan Bagshaw. The principal internal Eldridge group lawyers involved in the transaction were Adam Fassnacht, Peter Saba, and Robyn Saad.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
Lawyers and firms: get featured on Legal Desire
Share your deals, lateral moves, firm news and insights with 1M+ monthly readers: founders, law firm partners, general counsel and practising lawyers across the US, UK, EU and GCC.
Get featuredSubmit a press releaseThe advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
