Private Equity Groups Offer $726M For Central Parking Corp.

Nashville (AP) -- Parking service provider Central Parking Corporation says it has agreed to be bought out by private equity firms for more than $726 million dollars in cash.

The Nashville-based company says its board approved the offer, which amounts to $22.53 per share, by Kohlberg & Company LLC, Lubert-Adler LP and Chrysalis Capital Partners LP.

At the end of December, Central Parking owned about 3,100 parking facilities, with about 1.5 million parking spaces, in North America, South America and Europe.

Copyright 2007 by the Associated Press. All rights reserved.

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