Canada-based investment holding company Aimia Inc. (TSX: AIM) has announced it has invested approximately USD75 million in Chinese outdoor advertising agency Clear Media Limited (HK: 100), representing a 10% equity stake in Clear Media, the company said.
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 HKUSD 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.
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 full-service provider of next-generation loyalty solutions for many of the world´s leading brands in the travel & hospitality, retail, CPG, 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.