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Smart Parking Acquires Oklahoma-Based Parking Operator for $12 Million

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Smart Parking (ASX:SPZ) acquired Oklahoma-based parking operator American Parking for $12 million, according to a Thursday filing with the Australian bourse.

The transaction is funded from the company's cash reserves, debt facility, and shares, with $11 million to be paid in cash and $1 million in shares delayed for six months, the filing said.

The acquisition brings the total number of US sites under management to over 200, including traditional and automatic number plate recognition locations across seven states, per the filing.

Smart Parking shares rose nearly 1% in morning trade Thursday.

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Smart Parking Acquires Oklahoma-Based Parking Operator for $12 Million | FINWIRES