APN to sell outdoor interests

Group in talks with Quadrant to sell remaining interest in APN Outdoor for $69m.

APN News & Media (APN) has entered into exclusive discussions with Quadrant Private Equity to sell its remaining interest in APN Outdoor for $69 million.

In a statement to the Australian Securities Exchange, APN said the sale price represented 7.5 times the 2013 earnings before interest, taxation, depreciation and amortisation for the group.

APN Outdoor has been operated as a joint venture between APN and Quadrant since May 2012.

APN said the transaction would aid in the streamlining of its business and provide increased flexibility around its existing assets as opportunities arise.