OUTFRONT Media to Sell Latin America Business to JCDecaux SA for $82M in Cash

OUTFRONT Media Inc. OUT and JCDecaux SA (Euronext Paris: DEC) announced today that they have entered into an agreement to sell the Latin America business of OUTFRONT Media to JCDecaux Latin America / Corameq, which is 85% owned by JCDecaux SA JCDXF. The purchase price is $82 million cash, subject to working capital and indebtedness adjustments. The transaction is expected to close in the first half of 2016, subject to customary closing conditions including regulatory approval. As of December 31, 2014, OUTFRONT Media's Latin America business operated 11,390 total displays across Mexico, Chile, Uruguay, Brazil and Argentina, mainly in the large format and bus advertising segment. Revenues for the year ended December 31, 2014 were $72.5 million. Jeremy Male, Chairman and Chief Executive Officer of OUTFRONT Media, 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." Jean-Charles Decaux, Co-Chief Executive Officer of JCDecaux, said: "The acquisition of OUTFRONT Media's Latin America business is a key milestone in our development on this continent, strengthening our No. 1 outdoor advertising position in See full press release