Outfront Media has agreed to sell its Latin American business to JCDecaux Latin America/Corameq (which is 85% owned by JCDecaux SA). JCDecaux will pay $82 million for the acquisition, which is expected to close in the first half of 2016.
Jeremy Male, chairman and CEO of Outfront, said: “The sale of our Latin America business is firmly in line with our strategy to increase focus on markets where we maintain a leadership position. Our operations will be in excellent hands under JCDecaux’s stewardship”.
At the end of last year, Outfront operated 11,390 displays across Latin America – mainly large-format and bus advertising. The selling of its LATAM operations will mean that Outfront’s international business is limited to Canada, where it operates about 6,000 displays.
