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Private equity consortium to acquire Central Parking Corporation21/02/2007. Source: AltAssets. 
 Nashville, Tennessee-headquartered Central Parking Corporation has agreed to merge with KCPC Holdings, a company formed by affiliates of Kohlberg & Company, Lubert-Adler and Chrysalis Capital Partners. Under the terms of the merger agreement, Central Parking's shareholders will receive $22.53 per share in cash.
Central Parking Corporation's board of directors has approved the merger agreement and will recommend approval by shareholders.
The $22.53 per share in cash represent a premium of approximately 30.8 per cent over Central Parking's closing share price on 27 November 2006, the day before the company announced that it had engaged The Blackstone Group to assist it in evaluating strategic alternatives.
KCPC Holdings has received equity and debt financing commitments totalling $903m.
Central Parking Corporation is a provider of parking and transportation-related services. The company operates approximately 3,100 parking facilities containing approximately 1.5 million spaces.
Copyright © 2007 AltAssets
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