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VOL. 127 | NO. 189 | Thursday, September 27, 2012

2 Largest Parking Companies in Proposed Merger

AP

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WASHINGTON (AP) – The Justice Department is requiring the two largest parking management companies in the U.S. to sell 107 of their garages and lots in the central business districts of 28 cities in order to proceed with a merger.

If the deal is approved by a federal court, Chicago-based Standard Parking Corp. will acquire Central Parking Corp. of Nashville, Tenn., in a transaction valued at $345 million. Standard and Central each operates some 2,200 parking facilities.

Cities where the companies will sell some facilities include New York City, Chicago, Los Angeles, Houston and Philadelphia.

The Justice Department said that without the divestitures, the combined company would have gained a dominant market share, resulting in higher prices and reduced service to motorists.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 83 415 10,637
MORTGAGES 87 499 13,826
FORECLOSURE NOTICES 0 80 2,724
BUILDING PERMITS 0 915 25,222
BANKRUPTCIES 79 343 10,235
BUSINESS LICENSES 19 97 3,833
UTILITY CONNECTIONS 143 573 15,130
MARRIAGE LICENSES 23 106 3,273

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