Lamar Promotion launches corporate-sponsored SPAC

Lamar Advertising and marketing Company currently declared that it has released a particular objective acquisition corporation identified as Lamar Partnering Corporation, or LPC. 

LPC strategies to search for a companion “at the intersection of the out-of-residence advertising and marketing, technology and communications sectors,” according to Lamar’s announcement, and has filed a proposed preliminary public presenting with the SEC. ‎ 

The proposed community featuring is expected to have a foundation presenting size of $300 million. Lamar, through an oblique wholly owned subsidiary, would very own around 20% of LPC’s issued and fantastic regular shares on the consummation of the featuring. 

The SPAC will be managed by customers of Lamar’s administration staff, with Ross Reilly, Lamar’s vice president of mergers and acquisitions and business enterprise analytics, serving as LPC’s CEO. 

Lamar operates far more than 357,500 billboard, interstate symbol, transit and airport advertising and marketing displays throughout the U.S. and Canada, like much more than 3,600 significant-format electronic shows. 

LPC expects to apply to list the models to be issued in the general public providing, with the Nasdaq Stock Industry to trade less than the ticker image “LPCXU.” Morgan Stanley and Citigroup are acting as joint e-book-managing supervisors for the proposed giving. 

See the announcement.