OUTFRONT sells Canadian outdoor advertising unit to Bell Media for C$410M cash

OUTFRONT Media Inc.

Sale of all equity in Outdoor Systems Americas ULC to Bell Media for C$410 million in cash, subject to working capital and other adjustments.
Transaction expected to close in 2024, conditioned on Canadian antitrust approval and absence of material adverse effect.
If antitrust approval not obtained by outside date (Oct 22, 2024) and not due to sellers, Bell pays C$20M termination fee.
Vendors covenant not to compete with Canadian business for five years post-closing; customary indemnities apply.
Proceeds will be used for general corporate purposes; OUTFRONT retains its U.S. and other international operations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

OUTFRONT Media Inc. entered into Share Purchase Agreement with Bell Media Inc. valued at C$410.0 million in cash (effective 2023-10-22).

Action: entry
Agreement: equity purchase
Counterparty: Bell Media Inc.
Value: C$410.0 million in cash
Effective: 2023-10-22

Exact text from the filing

On October 22, 2023, OUTFRONT Media Inc. (the “Company”), Outfront Canada HoldCo 2 LLC, a wholly-owned subsidiary of the Company, and Outfront Canada Sub LLC, a wholly-owned subsidiary of the Company (together, the “Selling Subsidiaries”), entered into a Share Purchase Agreement (the “Share Purchase Agreement”) with Bell Media Inc. (the “Buyer”), relating to the sale of the Company’s outdoor advertising business in Canada (the “Canadian Business”).

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OUTFRONT Media Inc. filing history →

Source: SEC EDGAR

accession 0001579877-23-000084

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