SP Plus Corp. sells joint venture interest in Parkmobile, sees Q1 gain
SP Plus Corporation announced that it has sold its joint venture interest in Parkmobile, which SP+ acquired on October 31, 2014, to its joint venture partner Parkmobile USA. The transaction will provide SP+ with greater flexibility to partner with various technology providers in a rapidly evolving sector while at the same time enabling SP+ to continue using Parkmobile as a backend transaction engine and payment processor for certain online channels. SP+ expects to realize a first quarter 2018 gain (before income tax expense) of approximately $9M - $11M from the transaction. G Marc Baumann, President and CEO of SP+, said, "We value the successful joint venture relationship we have had with Parkmobile over these past three years, and look forward to our ongoing commercial relationship with Parkmobile as SP+ expands its service offering to clients through an expanded array of on-line channel partners."