The deal would combine the European assets of the two largest outdoor advertising agencies, helping JCDecaux weather an economic downturn on the continent. It could also attract scrutiny from regulators over antitrust concerns.
JCDecaux met with investment banks in recent weeks to appoint a financial advisor that will help put together an offer for Clear Channel Outdoor's European assets, which could be valued at more than $2.5 billion, the people said on Monday.
Clear Channel's parent company has been struggling to trim $20.5 billion of debt. It unloaded assets such as a 50 percent stake in Australia Radio Network, which it sold earlier this year to APN News and Media Ltd (APN.AX).
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