Verra Mobility Acquires CPI for $230M
Ticker: VRRM · Form: 8-K · Filed: Jun 7, 2024 · CIK: 1682745
| Field | Detail |
|---|---|
| Company | Verra Mobility Corp (VRRM) |
| Form Type | 8-K |
| Filed Date | Jun 7, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $51.5 million, $48.5 million, $100 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, corporate-action
Related Tickers: VRRM
TL;DR
VERRA MOBILITY buys CPI for $230M to boost enforcement tech.
AI Summary
Verra Mobility Corporation announced on June 6, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of CPI, a provider of automated civil and traffic enforcement solutions, for approximately $230 million. This acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition expands Verra Mobility's presence in the automated civil and traffic enforcement market, potentially increasing its revenue and market share.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty regarding its completion.
Key Numbers
- $230 million — Acquisition Price (Verra Mobility's purchase of CPI.)
Key Players & Entities
- Verra Mobility Corporation (company) — Registrant
- CPI (company) — Acquisition Target
- $230 million (dollar_amount) — Acquisition Price
- June 6, 2024 (date) — Announcement Date
- third quarter of 2024 (date) — Expected Closing Period
FAQ
What is the primary business of CPI?
CPI is a provider of automated civil and traffic enforcement solutions.
What is the total value of the acquisition agreement?
The definitive agreement is for approximately $230 million.
When is the acquisition expected to close?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
What is Verra Mobility Corporation's ticker symbol?
Verra Mobility Corporation's ticker symbol is VRRM.
Filing Stats: 482 words · 2 min read · ~2 pages · Grade level 12.2 · Accepted 2024-06-07 16:17:18
Key Financial Figures
- $0.0001 — ered) Class A common stock, par value $0.0001 per share VRRM Nasdaq Capital Marke
- $51.5 million — "), for an aggregate purchase price of $51.5 million (such repurchase, the " Share Repurchas
- $48.5 million — ing the Share Repurchase, approximately $48.5 million remained available under the Company's
- $100 million — der the Company's previously authorized $100 million share repurchase program. The Company f
Filing Documents
- vrrm-20240606.htm (8-K) — 38KB
- 0000950170-24-070665.txt ( ) — 176KB
- vrrm-20240606.xsd (EX-101.SCH) — 48KB
- vrrm-20240606_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On June 6, 2024, Verra Mobility Corporation (the " Company ") entered into a share repurchase agreement (the " Share Repurchase Agreement ") with a stockholder (the " Selling Stockholder "), pursuant to which the Company repurchased, directly from the Selling Stockholder, 2.0 million shares of the Company's Class A Common Stock, par value $0.0001 per share (the " Class A Common Stock "), for an aggregate purchase price of $51.5 million (such repurchase, the " Share Repurchase "). Following the Share Repurchase, approximately $48.5 million remained available under the Company's previously authorized $100 million share repurchase program. The Company funded the Share Repurchase with cash on hand. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: June 7, 2024 Verra Mobility Corporation By: /s/ Craig Conti Name: Craig Conti Title: Chief Financial Officer 3