Russ Curry, Ministry of New Media
According to the Financial Times both JCDecaux and Clear Channel, have pulled out of the second stage of the formal bidding process for CBS Outdoor’s International division, leaving just private equity investors in the running.
Apparently some five private equity groups, including Providence Equity Partners, Platinum Equity and GMT Communications Partners, have proceeded to the second round of bidding. The sale is expected to fetch between €200M – €300M and should go through before the beginning of autumn.
A sale to either JCDecaux or Clear Channel would have raised regulatory concerns, particularly in France and the UK. However both companies are understood to still be interested in picking up parts of CBS Outdoor should the company be split up in any sale.
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