COLOGNE, 11-Oct-2018 — /EuropaWire/ — Ströer successfully sold its Turkish out-of-home media business. The former co-shareholder Murat Ilbak acquired the 90% shareholding in Ströer Kentvizyon for a transaction value of around EUR 15m.
The Turkish business has not been part of Ströer’s core business since the termination of the contract for the City of Istanbul last year. The sale signals the end of the Cologne-based media company’s activities along the Bosporus.
By focusing on the German core business and future growth fields, the significance of the Turkish out-of-home business faded into the background. At the time of the sale, the Turkish business accounted for around 2% of revenue and just under 2% of the Ströer Group’s EBITDA. The deconsolidation will bolster the Company’s profitability in the long term with a view to the planned portfolio optimizations and further sharpen its financial profile. The transaction is slightly accretive for Ströer in terms of earnings and cash.
“The macroeconomic situation in Turkey is looking increasingly gloomy. Due to this and in light of the upcoming tender, we consider a continuation of our by far most significant contract in Ankara unlikely. This is why we decided to take the final step and sell our Turkish company,” said Udo Müller, founder and Co-CEO of Ströer SE & Co. KGaA.
This press release contains “forward looking statements” regarding Ströer SE & Co. KGaA (“Ströer”) or the Ströer Group, including opinions, estimates and projections regarding Ströer’s or the Ströer Group’s financial position, business strategy, plans and objectives of management and future operations. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Ströer or the Ströer Group to be materially different from future results, performance or achievements expressed or implied by such forward looking statements. These forward looking statements speak only as of the date of this press release and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, express or implied, is made by Ströer with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this press release is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning Ströer or the Ströer Group. Ströer undertakes no obligation to publicly update or revise any forward looking statements or other information stated herein, whether as a result of new information, future events or otherwise.
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SOURCE: Ströer Group