Platinum Equity to buy CBS Outdoor International for $225 million

Platinum Equity, the Los Angeles-based private equity firm, announced Tuesday it will buy CBS Corp.’s international billboard division for $225 million.

Known as CBS Outdoor International, the division has billboards in the U.K., France, Ireland and other European countries.

“CBSO International is a well-established brand with valuable media assets and broad reach throughout Europe,” said Bastian Lueken, head of Platinum Equity’s European merger and acquisitions team.

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Platinum Equity is run by chairman Tom Gores. The company has completed a string of acquisitions that include Bway, a metal container manufacturer based in Atlanta, and Neovia Logistics, based in Illinois.

In a joint statement, CBS chief executive Leslie Moonves said the move “represents a key strategic milestone for CBS.”

The deal is subject to usual closing conditions, the statement said.

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ricardo.lopez@latimes.com