Stonepeak completes purchase of Chicago Parking Meters

Infrastructure investor Stonepeak closed its acquisition of Chicago Parking Meters, LLC, operator of the City of Chicago's on-street parking system. It bought the business from a consortium of Morgan Stanley Infrastructure Partners, Allianz and an Abu Dhabi Investment Authority subsidiary after receiving all regulatory approvals.

Why it matters: Chicago's parking concession is one of the best-known U.S. infrastructure privatizations, and it now has a new owner.