Platinum Equity has acquired the assets of CBS Outdoor International. The $225m (£148m) transaction was first announced in July when Platinum Equity made an "irrevocable binding offer".
CBSO International is among the largest out-of-home media and billboard businesses in Europe, holding the ad contracts for the London Underground and Westfield London and Stratford City shopping malls.
Its assets include the billboard businesses in the UK, along with Ireland, France, Italy, the Netherlands, Spain and China.
“The CBS Outdoor International team has worked incredibly hard in recent years to create a business that has generated growth in a challenging market and reshaped CBS’s European and Asian Outdoor assets into a much improved company that is well-positioned for future success,” said CBSO International CEO Antonio Alonso.
“We are excited for this new chapter and feel that Platinum Equity provides the tools we will need to achieve our potential in the years to come.”
Platinum Equity’s European investment team, headed by Bastian Lueken, in London led the acquisition.
Leuken said goal now is to partner with the management team and help elevate CBSO International
“We will also continue looking for ways to grow the business organically and through complementary add-on investments,” he added.
Platinum Equity's in-house team have been focused on transitioning the newly acquired business. A rebranding initiative is underway and a new corporate name and image will be announced as that process unfolds.