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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 This material may not be published, broadcast, rewritten or redistributed.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 116 413 13,039
MORTGAGES 149 479 16,949
FORECLOSURE NOTICES 0 26 3,316
BUILDING PERMITS 176 701 28,395
BANKRUPTCIES 87 303 10,793
BUSINESS LICENSES 26 111 4,315
UTILITY CONNECTIONS 0 375 16,724
MARRIAGE LICENSES 25 100 3,791

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