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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 This material may not be published, broadcast, rewritten or redistributed.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 69 69 21,228
MORTGAGES 57 57 24,842
FORECLOSURE NOTICES 0 0 8,703
BUILDING PERMITS 128 128 43,475
BANKRUPTCIES 50 50 14,244
BUSINESS LICENSES 12 12 6,503
UTILITY CONNECTIONS 60 60 13,737
MARRIAGE LICENSES 19 19 5,177

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