MINNEAPOLIS, MN and ST PAUL, MN, October 31, 2014
streets.mn (NYSE:SMN) and UrbanMSP (NASDAQ:UMSP) announced today a definitive merger agreement to create a multi-dollar global transport and land use leader based in Minnesota. The new streets.mn offers the industry’s most comprehensive set of discussion points on transport, land use, design, and architecture in Minnesota, with a commitment to serving customers with accurate information and righteous opinions. The combined organization will have the #1 worldwide position in discussions on transportation, land use, design, and architecture, as well as leading positions in overall information dissemination.
The merger is expected to generate cost synergies reaching approximately $25 annually and drive significantly toward an improved cost structure.
David Levinson, chair of streets.mn, will remain chair of the new organization. Bill Lindeke will be vice chair, Nick Magrino, of UrbanMSP will be secretary, and Reuben Collins will hold the seat of Treasurer in the combined organization.
“This is a decisive move that accelerates our strategy and positions us to win by offering even greater value to our customers and partners,” said Levinson. “In addition to the clear strategic benefits of combining two highly complementary organizations and product families, we can create substantial shareowner value through significant cost structure improvements and access to new growth opportunities. At a particularly challenging time for the information industry, this combination vaults us into a leadership role with customers and partners — together we will shape the industry for years to come.”
Magrino said, “We are creating a new kind of industry leader — one founded on customer success, world-class engineering and planning knowledge, and best of breed products and services. In sharp contrast to our competitors, we are committed to leading the industry to open, market-unifying architecture and information, which reduce complexity and cost for our customers. With this move, we will change the basis of competition in the industry.”