Aimia buys stake in Chinese out-of-home company
Aimia of Toronto has purchased a 10% equity stake in Clear Media, a Chinese out-of-home advertising company. The deal is valued at approximately $75 million and consists of approximately 59 million common shares of the firm. According to Aimia, the deal was made in anticipation of a proposed change of control in Clear Media in which current controlling shareholder Clear Channel Outdoor will sell its 50.9% stake in Clear Media to Ever Harmonic Global, which is jointly owned Clear Media CEO Han Zi Jing, Ant Financial, JCDecaux and JIC Capital Management.
“Aimia's investment in Clear Media represents an outstanding opportunity, diversifying our holdings and taking advantage of the COVID-19 related economic malaise in the US and China,” said Phil Mittleman, interim chief executive officer at Aimia. “Aimia now owns a large stake in a leader in the outdoor advertising market in China with more than a 20-year track record, strong growth and free cash flow generation, and 19 years as a public company, backed by a blue chip consortium of investors and a highly skilled management team.”