An affiliate of Platinum Equity LLC made an irrevocable binding offer to purchase CBS Corp.’s CBS Outdoor International.
The proposed transaction, which represents a total value of about USD 225 million, is subject to completion of works council consultation and other conditions.
CBS President and CEO Les Moonves said in a July 16 statement “Today’s news represents 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.”
CBSO International provides custom media services to outdoor advertising agencies and direct clients in the U.K., Ireland, France, Italy, the Netherlands, Spain and China.
About Platinum Equity
Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed more than 150 acquisitions.