EQT and GIC have teamed up to work on a bid for the Chicago Parking Meters auction, sources familiar with the process told Infralogic.

The investors have joined up to study a bid for the concession, which expires in 2083, and are working with Macquarie Capital as financial advisor, according to the sources.

As many as 20 interested firms, including many large infrastructure fund managers, have signed NDAs for the deal, according to the first and second sources familiar.

The sellers are looking to close an agreement towards the end of the year or early 2026, the same sources said.

The sale process launched shortly after the City of Chicago reached a USD 15.5m settlement with concessionaire Chicago Parking Meters, LLC, which comprises Morgan Stanley Infrastructure’s North Haven Infrastructure Partners (50.1%), Allianz Capital Partners (25%) and the Abu Dhabi Investment Authority (24.9%).

The parking meters generated revenue of USD 161m in 2024, compared to USD 151m in 2023.

Chicago Parking Meters LLC won the contract for the 75-year concession in December 2008 and reached financial close in February 2009.

Infralogic reported in January that Chicago Parking Meters LLC was seeking to refinance the USD 353m notes issued in January 2019 as part of a previous refinancing of the concession’s long-term debt.

The 2025 issue was 7X oversubscribed and the bonds would issue funds at the end of September, the first two sources said.

The sponsors, EQT, and Macquarie Capital declined to comment. GIC did not return a request for comment.