Aimia acquires 10% stake in one of China’s largest outdoor advertising firms, Clear Media Limited for $75M.
"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 U.S. and China. 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."
Phil Mittleman, Interim Chief Executive Officer of Aimia
The investment was made through the acquisition of 58.8 million common shares and 19.6 million shares held by Mittleman Investment Management.