Blackstone Inc has stepped away from a potential takeover effort for German advertising group Stroeer SE & Co KGaA at a valuation of around €2.5bn, according to a report by Bloomberg citing unnamed people familiar with the matter.
The US private equity firm had been part of an investor consortium alongside I Squared Capital that was exploring a possible acquisition of the business. The group had been considering an offer in the mid-€40s per share range, Bloomberg News previously reported.
Sources said Blackstone has now withdrawn from the consortium, leaving I Squared to reassess its next steps. It remains unclear whether the infrastructure investor will proceed with a revised bid, and discussions are said to be ongoing with no final decision made.
Stroeer, which operates in outdoor and billboard advertising as well as digital media platforms, has seen its shares come under pressure following the news, reflecting investor uncertainty around the potential deal’s future.
Representatives for Blackstone, I Squared and Stroeer all reportedly declined to comment on the matter.
