The following excerpt was sent out from thefastmode.com:
OUTFRONT Media and Bell Media announced last Thursday that they have entered into an agreement to sell the Canadian business of OUTFRONT Media to Bell Media, a wholly-owned subsidiary of BCE. The purchase price is C$410 million in cash, subject to certain adjustments and a holdback. The transaction is expected to close in 2024, subject to regulatory approval and other closing conditions.
Solomon Partners, L.P. is acting as financial advisor to OUTFRONT Media Inc. and Cravath, Swaine & Moore LLP and Davies, Ward, Phillips & Vineberg LLP, are serving as legal advisors. National Bank Financial Inc. is acting as financial advisor to Bell Media and Blake, Cassels & Graydon LLP is acting as legal advisor.
Stewart Johnston, Senior Vice-President, Sales and Sports of Bell Media said:
The out of home category continues to grow in importance as a mass reach advertising vehicle, while digital formats allow for greater targeting capabilities. OUTFRONT’s diverse array of Canadian assets reinforces Astral’s dedication to delivering impactful, multi-channel marketing solutions, while accelerating Bell Media’s digital strategy. The synergy between OUTFRONT’s established expertise and our commitment to driving innovation will provide clients with tremendous opportunities on a true coast-to-coast footprint.
Note: Outfront Media is an outdoor media company with operations in the U.S. and Canada.
