Private equity group Platinum Equity is set to acquire the assets of CBS Outdoor International for $225m (£148m) after making an “irrevocable binding” offer.
CBS Outdoor International, one of the largest out-of-home (OOH) media billboard businesses in Europe, has the ad contracts for the London Underground and Westfield London and Stratford City shopping malls.
The assets include the billboard businesses in the UK, along with Ireland, France, Italy, the Netherlands, Spain and China.
Platinum Equity Chairman and CEO Tom Gores said the merger was a “complex carve out” that required “real” collaboration between buyer and seller with a strong emphasis on quality execution.
“We are fortunate to have developed a great relationship with CBS throughout this process. With our international reach and operational resources we can move quickly to complete a seamless transition and create real value in this business,” he said.
CBS Corporation president and CEO Leslie Moonves said the move marks a “key strategic milestone” for CBS.
“As we continue to focus our company around creating and distributing premium content, we are very pleased to announce that we will achieve very good value for these Outdoor properties,” he said.
CBS Corporation first revealed its plans to sell its international outdoor arm earlier this year.
It is understood JCDecaux and Clear Channel had been in the running to buy CBS Outdoor’s international arm, but reportedly pulled out of the bidding process in April.