PARIS, March 31 (Reuters) – JC Decaux, the world’s biggest outdoor advertising company, said on Tuesday that it would end up buying a minority stake in Hong Kong company Clear Media as part of a broader consortium takeover of Clear Media.
The consortium has offered HK$7.12 per share to buy Clear Media, representing a value of 3.86 billion Hong Kong dollars ($497 million) for all of Clear Media’s outstanding shares, of which 23% or HK$887 million will be funded by JCDecaux.
The consortium consists of Han Zi Jing, CEO of Clear Media, who will have a 40% interest, Antfin with a 30% stake, JCDecaux with a 23% stake and China Wealth Growth Fund III L.P with 7%.
Goldman Sachs and Slaughter and May are acting as JCDecaux’s financial and legal advisers, respectively.
$1 = 7.7536 Hong Kong dollars
Reporting by Sudip Kar-Gupta; editing by Jason Neely