BLP advises JCDecaux on the acquisition of a majority stake in IMC

October 8, 2024

BLP has advised JCDecaux on the acquisition of a majority stake in IMC BLP advised JCDecaux on acquiring a 70% majority stake in IMC, a leading out-of-home advertising company operating in Central America, Colombia, and Panama, through its majority-owned subsidiary, JCDecaux Top Media S.A.

As part of the transaction, the remaining IMC shareholders contributed their 30% shares in IMC in exchange for a 9% stake in a newly formed joint venture regrouping all JCDecaux activities in Central America, which includes six countries (Guatemala, Panama, Costa Rica, El Salvador, Honduras, and Nicaragua). JCDecaux SE (51%), Publigrafik Group, Top Partners, and former IMC shareholders will own this joint venture.

The transaction, signed on July 31 and closed on September 30, involved extensive due diligence, corporate restructuring, and a comprehensive review and negotiation of the Share Purchase and Contribution Agreement (SPCA) and its exhibits. Due to the joint venture’s complexity, the deal required extensive documentation, including ancillary agreements such as the Shareholders’ Agreement (SHA), pledge agreements, and other contracts (employment, services, etc.).

BLP’s team played a crucial role in navigating the complexities of this deal, ensuring a successful outcome for our client, which will open new opportunities for advertisers within a highly fragmented advertising market.

The transaction was led by Adriana Castro (Costa Rica), alongside director Adriana Acuña. Likewise, Mariana Nóchez (El Salvador), Ernesto Rizo (Nicaragua), José Miguel Álvarez (Honduras), and Jorge Arenales (Guatemala) led the teams in the corresponding jurisdictions.

Other lawyers involved:

Costa Rica: Aurora Solís, Uri Weinstok, Alexandra Aguilar, Catalina Conejo, León Weinstok, Nicole Salazar, Alberto Bogantes, Ignacio Alonso, Gloriana Alvarado, Fiorella Chinchilla, Janelle Christie, Juan Carlos Tristán, Catalina Soto, Fernando Shum, Elena Foltrán, Felipe Solís.

El Salvador: Jose Góchez, Luis Vega, Sofía Quezada, Fernando Farrar, Linda Cuellar, Julio Meléndez, Claudia Meléndez.

Honduras: Ivis Alvarado, Jose Marichal.

Nicaragua: Juan Castillo, Michelle Avilés, Orlando Cardoza.

Guatemala: Anneliss Wohlers, Adrian Urbina, Ana Gabriel Ávila, María Elena Barrientos, Diego Ixquiac, Pamela López.

blplegal.com