EQT To Acquire Orikan

(RTTNews) - EQT Corp. (EQT), through its BPEA EQT Mid-Market Growth Partnership, has agreed to acquire Melbourne-based parking technology provider Orikan Group Pty Ltd. for undisclosed terms.

The deal supports the company's Asia mid-market strategy, which also invests in high-growth businesses across the Asia-Pacific region.

The company plans to support Orikan's next stage of growth through investments in product innovation, AI, data capabilities, service delivery, customer experience and international expansion.

The company mentioned that Orikan provides integrated parking operations, enforcement and infringement management services supported by software, hardware, payments and data capabilities.

The company employs nearly 400 people and serves government and private sector customers, including universities, airports, hospitals and stadiums, across Australia, New Zealand and North America.

EQT closed trading 0.25% higher at $52.61 on the New York Stock Exchange. In the overnight, the stock further traded 0.80% higher at $53.03.