DOJ: Acquisition would affect Denver parking
Standard Parking, Central Parking merger blocked
Last Updated: 439 days ago
DENVER - The federal government says a major parking management company's acquisition of a competitor will affect parking in 29 major cities, including Denver.
The U.S. Department of Justice Wednesday announced it has filed an antitrust lawsuit to block Chicago-based Standard Parking Corp.'s $345 million acquisition of Nashville-based Central Parking Corp.
In a complaint filed in U.S. District Court for the District of Columbia, the department says the companies compete on prices, including "early bird" specials in downtown Denver, hours of operation and other terms. The competition benefits consumers, and the proposed merger threatens to end that competition.
The lawsuit requires the companies to sell some of their interests in the affected cities before the acquisition can proceed.
Each company currently has 2,200 parking facilities containing a combined 2.2 million parking spaces.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.