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France's JC Decaux to buy minority stake in Hong Kong's Clear Media
[PARIS] JC Decaux, the world's biggest outdoor advertising company, said on Tuesday that it would end up buying a minority stake in Hong Kong company Clear Media as part of a broader consortium takeover of Clear Media.
The consortium has offered HK$7.12 per share to buy Clear Media, representing a value of HK$3.86 billion (S$709.2 million) for all of Clear Media's outstanding shares, of which 23 per cent or HK$887 million will be funded by JCDecaux.
The consortium consists of Han Zi Jing, CEO of Clear Media, who will have a 40 per cent interest, Antfin with a 30 per cent stake, JCDecaux with a 23 per cent stake and China Wealth Growth Fund III LP with 7 per cent.
Goldman Sachs as well as law firm Slaughter and May are acting as JCDecaux's financial and legal advisers, respectively.