A group led by Morgan Stanley Infrastructure Partners said on 21 October 2026 that it had completed the sale of Chicago Parking Meters, LLC to Stonepeak, ending the sellers' ownership of the city's parking meter concession.
Deal terms and financing
The closing release did not disclose terms; the price presented to Chicago's City Council was about US$2.53bn. Under a compromise agreed with council leaders, the city receives a US$75m transfer fee at closing, 5% of net income going forward and 2% of the sale price if the concession is sold again before it ends in 2084.
“Over the course of our ownership in CPM, MSIP has been able to execute on key value creation levers and grow the business into a leading parking concession with best-in-class management, technology and operations”
Regulatory approvals and timing
The 2008 concession agreement requires City Council approval of any sale; the council voted 46 to 3 in favour on 29 September 2026. Stonepeak was also required to sell Omni Air International before the vote.
Market context
Chicago leased its parking meters to a Morgan Stanley-led group in 2008 for US$1.15bn under a 75-year deal that has long been unpopular with residents. The city explored buying the meters back before the sale to Stonepeak went ahead.
