The investment consortium of VTB Capital, Alfa Capital Partners and private investors including Peter Gerwe has agreed to acquire a 79% stake in News Outdoor, the largest Out-of-Home (OOH) advertising company in Russia, for more than $270 million, reported Vedomosti. The enterprise value of News Outdoor was $426 million including debts of $153 million, according to newspaper RBC Daily. The management of News Outdoor including Managing Director Maxim Tkachev will hold a 21% stake in the company.
Founded as APR-City in 1995, News Outdoor has over 50,000 advertising faces in 85 Russian cities. News Corporation became a shareholder of News Outdoor in 2000. Its annual revenues are estimated at over $200 million.