Boston Omaha raised $59 million in cash via sale of 2.6 million shares of class A common stock at a price of $25 per share.  Proceeds from the sale will be used to grow the company’s Link Media Billboard business and to fund the expansion of Boston Omaha’s fiber to the home broadband business.

Boston Omaha has a war-chest of $158  million to pursue acquisitions ($82 million in cash and treasuries, $17 million in availability under Link Media’s bank line and the $59 million which was just raised).

Insider’s take: Most roadside out of home companies will have shaken the impacts of covid out of trailing 12 month financials by May.  This will lower the recovery risk in out of home acquisitions.  Expect more out of home acquisitions by Boston Omaha, Lamar and the independent companies like Trailhead in the second half of 2020.

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