Lamar Advertising Company today announced that it has launched a special purpose acquisition company called Lamar Partnering Corporation, or LPC.
LPC plans to search for a partner “at the intersection of the out-of-home advertising, technology and communications sectors,” according to Lamar’s announcement, and has filed a proposed initial public offering with the SEC.
The proposed public offering is expected to have a base offering size of $300 million. Lamar, through an indirect wholly owned subsidiary, would own approximately 20% of LPC’s issued and outstanding ordinary shares upon the consummation of the offering.
The SPAC will be managed by members of Lamar’s management team, with Ross Reilly, Lamar’s vice president of mergers and acquisitions and business analytics, serving as LPC’s CEO.
Lamar operates more than 357,500 billboard, interstate logo, transit and airport advertising displays across the U.S. and Canada, including more than 3,600 large-format digital displays.
LPC expects to apply to list the units to be issued in the public offering, with the Nasdaq Stock Market to trade under the ticker symbol “LPCXU.” Morgan Stanley and Citigroup are acting as joint book-running managers for the proposed offering.