The media empire that pioneered outdoor billboards and ads on bus shelters is set to change hands in a £1.6bn auction.
Clear Channel Outdoor Holdings, the American advertising giant, has appointed Citigroup to lure bids for its European division, which is already drawing attention from some private equity groups.
The company has a network of 60,000 sites and operates billboards for TfL, Sainsburys and many large shopping malls, among others.
Interested bidders are believed to include CVC Capital Partners, Carlyle Group, Apex Partners and KKR.
The European business earns roughly £120m-£160m each year.
Sunday Times Business, 3
