This came out over the weekend from a Bloomberg News report.

Searchlight Capital Partners and British Columbia Investment Management Corp. have agreed to invest in Adams Outdoor Advertising.

Terms of the deal weren’t disclosed in a statement provided to Bloomberg News. Adams Outdoor will be valued at more than $1 billion, including debt, according to a person familiar with the matter, who asked not to be identified because it was private.

Searchlight’s Darren Glatt said in a statement that outdoor advertising plays an important for local businesses and governments. The investment will help Adams expand its footprint and execute on strategic mergers and acquisitions, he added.

It’s the latest media investment for New York-based Searchlight, which invested in Spanish language media company Univision in 2020. Searchlight co-founder Eric Zinterhofer is the lead independent director of cable company Charter Communications Inc.

British Columbia Investment Management Corp. helps manage the public sector funds of Canada’s Westernmost province. One of Canada’s largest asset managers, it has managed assets of C$199.6 billion ($156 billion), according to its website.

Dave Hong, senior managing director at BCI, said the investment fits with the fund’s focus on stable industries.

PJ Solomon, which is owned by Natixis SA, advised Adams along with the law firm, Kaplan, Strangis and Kaplan, while Barclays Plc and Latham & Watkins served as Searchlight’s advisers.

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