Blackstone and I Squared Capital are exploring a joint bid for Ströer’s core advertising business, in a potential transaction valued at more than $3.8bn, Bloomberg reported.

The discussions centre on Ströer’s out-of-home advertising and digital media operations, although the firms are also considering a broader offer for the entire company as they assess strategic options.

The renewed interest follows an earlier attempt by I Squared to acquire the asset, which was abandoned due to difficulties in securing investor backing. The involvement of Blackstone signals a potential shift in deal dynamics, with greater capital support behind a renewed bid.

Ströer’s management is reportedly seeking a valuation of at least €3.5bn for the unit, significantly above the company’s current market capitalisation of approximately €2bn. 

The situation highlights the complexity of the transaction, particularly given the need to address the structure of the remaining business in the event of a partial sale.

The company has also faced internal changes, with senior leadership transitions adding another layer of uncertainty to the process.

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