A shareholder group of Helios Investment Partners, The Rohatyn Group and RMB Corvest completed the sale of Continental Outdoor Media to french outdoor advertising media company JCDecaux in partnership with community investment firm, Royal Bafokeng Holdings. In a stroke, the deal makes JCDecaux the largest outdoor advertising company in Africa, with 36,000 advertising panels in 16 African countries.
JCDecaux is the majority stakeholder, owning 70% of the shares, with the balance now owned by Royal Bafokeng Holdings. The two firms first announced their strategic partnership to acquire Continental Outdoor Media in February this year, and plan to be fully involved in Continental’s expansion plans through the rest of the continent.
When the deal was first announced in December last year, Jean-Sebastién Decaux, CEO for Southern Europe, Belgium and Luxembourg, Africa and Israel for the Euronext 100 firm stated, “This strategic acquisition will not only improve our growth profile in emerging countries but also gives our business in this region a new dimension. A long-term investment, it comes at a time when Africa, whose population is expected to double in the next 30 years, is undergoing mass urbanization. In order to accommodate their new inhabitants, the cities have growing infrastructure needs which JCDecaux, with its economic model of financing street furniture through advertising, will meet by developing high-quality products and services such as the Group has been providing cities for 50 years”
Additional terms of the deal were not disclosed.