NEW YORK, June 14, 2017 /PRNewswire/ -- OUTFRONT Media Inc. (NYSE: OUT) announced today that it has acquired a leading portfolio of digital billboards in Canada with locations in Toronto, Montreal, Calgary, Edmonton and Vancouver.
The transaction is structured as an acquisition of the equity interests of certain subsidiaries of All Vision LLC, which operates under the Dynamic Outdoor name. The Company paid approximately $94.4 million for the portfolio of assets, comprised of $50.0 million in cash and $44.4 million in Class A equity interests of the Company's Canadian subsidiary, subject to post-closing adjustments for closing date working capital and indebtedness, and for the achievement of certain operating income before depreciation and amortization targets relating to All Vision's assets.
About OUTFRONT Media Inc.
OUTFRONT Media is one of the largest out-of-home media companies in North America with a leading presence in top markets throughout the United States and Canada. We have a diverse portfolio of billboard, transit and digital displays reaching mass audiences, as well as a distinct offering of prime assets impacting select markets. As part of our ON Smart Media technology development initiative, we are developing hardware and software solutions for enhanced demographic and location targeting, and engaging ways to connect with consumers on-the-go.
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SOURCE OUTFRONT Media Inc.