Blackstone Inc. (NYSE:BX) has disengaged from a potential acquisition effort targeting Stroeer SE & Co. (ETR:SAX), according to people briefed on the matter.
The US private equity firm has left an investor grouping alongside I Squared that was examining a takeover of the German media company, whose operations include billboard advertising, the sources said.
Those people said the I Squared-led consortium had been considering an offer in the region of €2.5 billion ($2.9 billion), a level that would equate to a per-share valuation in the mid-€40s, a figure reported earlier this month by Bloomberg News.
With Blackstone no longer part of the group, I Squared is evaluating its next steps, the sources said. They emphasized that discussions are continuing but that there is no assurance the investor will proceed with a formal bid.
In Frankfurt trading, Stroeer shares were modestly higher - up about 0.5% - at €38.90 as of 4:36 p.m. on Tuesday, implying a market capitalization of roughly €2.2 billion.
Representatives for Blackstone and I Squared declined to comment on the developments. Stroeer did not immediately respond to a request for comment, according to the people.
Context and market signals
The departure of Blackstone from the investor group removes one established private equity backer from the contemplated transaction. The figures discussed - a roughly €2.5 billion offer and a mid-€40s per-share valuation - remain the reference points for the consortium’s earlier deliberations, while market pricing at €38.90 yields a headline market value near €2.2 billion.
What’s next
The people familiar with the situation said I Squared is assessing options, but there is no certainty a bid will follow. The outcome will determine whether discussions advance to a formal proposal stage or dissipate.