Stroer stake strengthens Concept's Dubai Metro tender
Concept Outdoor has been renamed Stroer Concept.
The move follows German out-of-home media specialist Stroer Group acquiring 60% of the UAE media company for an undisclosed sum.
The $691 million Stroer Group is Germany's number one outdoor compay and Europe's number three behind JC Decaux and Clear Channel. It is also the fifth largest company globally in the out-of-home media.
It markets and manages more than 260,000 advertising sites in 12 countries and employees 1,350 employees, in its network which includes 140 cities and 154 transport authorities.
Stroer's expertise in street furniture and transport media is thought to have strengthened Concept's application for the Dubai Transport Metro advertising contract as pre-qualification criteria ruled out many local and regional companies.
GMR understands that Stroer Concept has made the shortlist along with some international names, including JC Decaux, Clear Channel International and CBS Outdoor, previously Viacom Outdoor.
The successful bidder is expected to be named this month. Concept Group CEO Aldrin Fernandez, told GMR the new structure will operate as a joint venture with Stroer utilizing the local expertise of the UAE company.
"Management remains the same," he added.
Stroer Media International the company's acquisition arm facilitated the deal.
© Gulf Marketing Review 2007
