Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 4

Description of the concentration

On 15 July 2024, the European Commission received notification of a proposed concentration pursuant to Article 4 of the EU Merger Regulation by which British Columbia Investment Management Corporation (BCI) and Searchlight Capital Partners (SCP) will indirectly acquire 100% of the shares in and joint control over AOA Top Tier II LP (AOA or the Target) within the meaning of Article 3(1)(b) and Article 3(4) EU Merger Regulation (the Transaction).

Pre-Transaction, BCI and SCP indirectly own a 45% stake in the Target, with the remaining shares being held by the estate of the Target’s founder and other investors (the Sellers), all of whom will sell their shares as part of the Transaction. The Transaction will be effected by way of a purchase of shares pursuant to option agreements between an entity jointly owned by BCI and SCP and each of the Sellers. Pre-Transaction, AOA is solely controlled by SCP. Post-Transaction, AOA will be jointly controlled by BCI and SCP.

BCI is an agent of the Government of British Columbia Canada, investing on behalf of public sector clients in fixed income, public equities, private equity, infrastructure, renewable resources, real estate and commercial mortgages.

SCP is an investment firm dedicated to identifying and developing global investment opportunities. SCP invests in both private equity and debt and focuses on the following core sectors: (i) communications, (ii) media, (iii) financial services, and (iv) business services.

AOA is a billboard advertising agency and operator of outdoor advertising displays in the US that provides digital and static billboards, painted bulletins, sheet posters, junior posters and other outdoor advertising services. The Target is headquartered in the US and has in total 318 employees.

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