Electromidia () reported that it bought Brazil Outdoor (BOL) for $ 80 million. The deal was signed through the subsidiaries Publibanca Brasil and Brazil Outdoor Caxias Spe.
According to the relevant fact sent to the Securities Commission (CVM), Bol operates in several Brazilian cities, through concession contracts with municipalities and advertising space leasing involving the installation and maintenance of urban furniture and advertising in bus shelters and electronic watches.
“The acquisition of BOL is complementary to the presence of Electromidia in the vertical segment of streets and in the urban furniture segment,” said the company.
Continues after advertising
Electromidia clarifies that the acquisition is not subject to the approval of shareholders, because the operation is being performed by the subsidiary that operates in the vertical segment of streets.
“The completion of the transaction is subject to CADE approval, and Publibanca and BOL should remain completely independent and operate in the normal business course until the operation is closing,” said Eletromidia.
