Platinum sells Exterion to Global for £400m

The transaction comes 16 months after Unquote sister publication Mergermarket reported that Platinum had aborted an auction for Exterion reportedly due to lower-than-expected offers. Sources at the time told the publication that bidders had included CVC Capital Partners, Providence Equity, Searchlight Capital and TPG Capital.

Under Platinum's tenure, Exterion has undertaken international expansion, entering the German market and drastically increasing its presence in the Dutch market. The business has also invested in converting print displays to digital displays across its network.

The trade sale is subject to regulatory approval and is expected to complete by the end of 2018.

The sale of Exterion follows Searchlight Capital Partners' sale of advertising billboards business Ocean Outdoor to listed investment vehicle Ocelot Partners for £200m in March 2018.

Previous funding
Platinum Equity carved out Exterion (then known as CBS Outdoor International) from NYSE-listed parent CBS Corporation for $225m in 2013.

Company
Founded as a division of US media conglomerate CBS Corporation, London-headquartered Exterion is an outdoor advertising business that manages print and digital billboards. It primarily focuses on advertising on public transport – including buses, trams, and national, regional and metro trains – in addition to related infrastructure. The company is responsible for OOH advertising on all four UK metro networks including those in London, Glasgow, Newcastle and Liverpool.

Exterion has additional subsidiaries in Ireland, France, the Netherlands and Spain.

People
Exterion Media – Leon Taviansky (CEO).
Global – Stephen Miron (CEO).

Advisers
Company – PJ Solomon, Mark Boidman (corporate finance); Goldman Sachs (corporate finance).

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• Topics
• Exits
• UK / Ireland
• Media
• United Kingdom
• Platinum Equity
• Trade sale
• Goldman Sachs