US private equity firm Platinum Equity LLC said it had offered to buy outdoor media company CBS Outdoor International from CBS Corp (NYSE:CBS) for around USD225m (EUR171.2m).
The irrevocable binding offer is subject to consultation with works council, among other conditions, the buyer said.
European CBS International offers out-of-home media and billboard solutions to outdoor advertising agencies and direct clients in the UK, Ireland, France, Italy, the Netherlands, Spain and China.
Commenting on the deal, Platinum Equity’s European M&A head Bastian Lueken pointed out that CBSO International is attractive to Platinum Equity due to its many strengths, such as strong brand, valuable media assets and wide reach across Europe.
For its part, US mass-media company CBS Corp said the sale is an important strategic move as it continues to focus on premium content creation and distribution.