CBS Outdoor Americas, a spinoff of CBS's North & South American outdoor advertising division, announced terms for its IPO on Monday. The New York, NY-based company plans to raise $540 million by offering 20.0 million shares at a price range of $26 to $28. At the midpoint of the proposed range, CBS Outdoor Americas would command a market value of $3.2 billion.
CBS Outdoor Americas, which was founded in 2013 and booked $1.3 billion in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol CBSO. Goldman Sachs, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Citi, Deutsche Bank and Wells Fargo Securities are the joint bookrunners on the deal.
