KKR in Talks to Buy The Parking Spot in $1.4 Billion Deal

KKR is in advanced negotiations to acquire The Parking Spot, a company that owns and operates airport parking properties, according to sources familiar with the matter.

The deal for the Chicago-based company is estimated to be worth approximately $1.4 billion, some of the sources said. Although the transaction may be announced in the coming weeks, it is not yet finalized and could still fall through, another person added.

Both a KKR spokesperson and a representative for Green Courte Partners, the owner of The Parking Spot, did not provide comments.

In February, The Parking Spot acquired Park ’N Fly, which had been its "top acquisition target," according to Green Courte's managing director Jordan Kerger. The Parking Spot operates parking facilities at over 45 airports, including John F. Kennedy International Airport in New York and San Francisco International Airport, as per its website.

KKR already has a stake in parking assets, including Q-Park, a Europe-focused company that recently agreed to purchase Britannia Parking Group Ltd.