Reagan Buying Fairway Assets

Reagan Outdoor has signed an agreement to purchase the assets of Fairway outdoor in Indianapolis IN, Chattanooga TN and Rochester, MN.  Citigroup Global Markets Inc served as financial advisor to Reagan.  Barclays committed financing.  Reagan will fund the transaction with a new multi-million dollar bank deal.

Signing comes after several months of negotiations.  Closing is projected for May 31.   Reagan’s major market clusters are in Texas, Utah and Nevada so the acquisition is adding new markets as opposed to being a tuck-in.  That’s got to be good news for Fairway employees.  It also lessens the chance that the DOJ will object.

What about the remaining Fairway assets in Georgia, Texas, and Kentucky?  Insider hears that they will be remarketed until there are acceptable offers.

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