Outdoor group Maiden has announced the acquisition of HG Vasey Poster Advertising. The deal will see Maiden issuing 863,636 company shares to the outdoor contractor group, valuing it at £3.7m.
Vasey’s operations take place in Yorkshire and the North East and focus on the 48-sheet outdoor sector. The acquisition will reinforce Maiden’s position in this market, Vasey’s poster estate comprising 250 48-sheet and 55 96-sheet sites. Maiden will retain all revenues from the Vasey sites and assume all responsibility for rent, rates, billposting and maintenance costs.
Commenting on the acquisition Ron Zeghibe, chief executive of Maiden, said: “This addition to Maiden’s portfolio reinforces our strategic position in the key 48-sheet outdoor poster market in the UK, where there is continuing growth. We’re delighted that the vendors are taking Maiden stock, reflecting their confidence in the business and the value of being a quoted entity.”
Maiden: 020 7838 4000
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