TORONTO, May 13, 2020 /PRNewswire/ - Aimia Inc. (TSX:
AIM) today announced it has invested approximately $75 million in Clear Media Limited (HK: 100), one
of the largest outdoor advertising firms in China, representing over a 10% equity stake in
the company.
The investment in Clear Media Limited was acquired through a
series of common share purchases totalling 58.8 million common
shares, which included 19.6 million common shares previously
held by clients of Mittleman Investment Management, at an average
cost of HK$7.12 per share reflecting
the same price that would have been paid to the clients of
Mittleman Investment Management through the current tender
offer.
This investment was made in anticipation of a pending change of
control transaction which, if completed, would see current
controlling shareholder, Clear Channel Outdoor (NYSE: CCO), sell
its 50.9% stake in Clear Media to Ever Harmonic Global Ltd., which
is owned 40% by Clear Media's CEO Han Zi
Jing, 30% by Ant Financial (controlled by Jack Yun Ma), 23% by JCDecaux SA (FP: DEC), and
7% by JIC Capital Management Ltd.
Interim Chief Executive Officer, Phil
Mittleman, commented: "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."
This investment is consistent with Aimia's strategy to create
lasting stakeholder value by focusing on long-term investments in
public and private companies, on a global basis, through
controlling or minority stakes, targeting companies that exhibit
durable economic advantages, and a well-established track record of
substantial free cash flow generation over complete business
cycles, guided by strong, experienced management
teams.
About Aimia
Aimia Inc. (TSX: AIM) is an investment holding company with a
focus on long-term investments in public and private companies, on
a global basis, through controlling or minority stakes.
The company operates a loyalty solutions business, which is a
well-recognized, global full-service provider of next-generation
loyalty solutions for many of the world's leading brands in the
retail, CPG, travel & hospitality, financial services and
entertainment verticals.
Aimia owns a 48.9% equity stake in PLM Premier, S.A.P.I. de C.V
(PLM), owner and operator of Club Premier, the leading coalition
program in Mexico, which it
jointly controls with Aeromexico through its investment in PLM, and
an investment alongside Air Asia in travel technology company
BIGLIFE, the operator of BIG Loyalty.
For more information about Aimia, visit corp.aimia.com.
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SOURCE Aimia Inc.