• Smart Parking to acquire 100% of Peak Parking LP for up to USD$36m
• Acquisition expected to deliver >25% EPS accretion in FY25
• Provides immediate geographic expansion into the US, the largest parking market globally

Smart Parking Limited (ASX:SPZ) has entered into a binding agreement to acquire 100% of the issued capital in Peak Parking LP, a boutique US parking operator, to be effected via an equity purchase agreement. The acquisition price is up to USD$36.0m, with upfront consideration of USD$32.0m (payable USD$26.0m in cash and USD$6.0m in SPZ scrip), and a sliding scale earnout capped at USD$4.0m based on achieving CY25 EBITDA of USD$4.5m (paid in SPZ scrip). The acquisition is expected to deliver over 25% EPS accretion in FY25 on a pro forma basis. Peak Parking is a boutique parking operator that provides a comprehensive portfolio of parking services to businesses and clients with 134 locations across six states in the US. The company has a strong financial profile, delivering revenue CAGR of 45% from CY22 - CY24 and a track record of profitability. The acquisition provides immediate geographic expansion into the US, the largest parking market globally, and aligns with SPZ's long-term growth strategy.

Management expects the acquisition to deliver >25% EPS accretion in FY25 on a pro forma basis.

The acquisition provides immediate geographic expansion into the US, the largest parking market globally, and aligns with SPZ's long-term growth strategy. The company believes there is a significant market opportunity for a combined Peak Parking and SPZ offering that can grow well into the future.