Lamar Advertising Pioneers UPREIT Acquisition with Verde Outdoor
Deal News | Jul 07, 2025 | Globenewswire
Lamar Advertising Company, a major player in the outdoor advertising sector, has executed a pioneering transaction by acquiring Verde Outdoor’s assets through an UPREIT (Umbrella Partnership Real Estate Investment Trust) structure. Completed on July 2, 2025, this acquisition adds over 1,500 billboard faces, including digital displays, across ten states to Lamar's portfolio. The landmark deal was enabled by Lamar's UPREIT organization, allowing for a tax-deferred acquisition process with Verde Outdoor’s owners receiving common units of Lamar LP. These units are linked to Lamar’s Class A common stock, including similar dividends, making this transaction particularly tax-efficient. The strategic acquisition continues Lamar's expansion in key U.S. markets including the Midwest, Southeast, and Mid-Atlantic regions. Financial advisory for Verde was provided by Johnsen, Fretty & Co., LLC, while Snell & Wilmer took up the legal advisory role. Lamar was represented legally by Kean Miller LLP and Hogan Lovells US LLP.
Sectors
- Outdoor Advertising
- Real Estate Investment Trusts (REITs)
Geography
- United States – Both Lamar and Verde Outdoor operate across various states in the U.S., with this deal expanding Lamar's presence in the Midwest, Southeast, and Mid-Atlantic regions.
Industry
- Outdoor Advertising – The acquisition extends Lamar's footprint in the outdoor advertising sector by adding a substantial number of billboards to its portfolio.
- Real Estate Investment Trusts (REITs) – Lamar's UPREIT transaction reflects its operations within the REIT sector, providing a tax-efficient structure for acquisitions.
Financials
- Not disclosed – The financial terms of the acquisition of Verde Outdoor by Lamar were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Lamar Advertising Company | Acquirer | Company | A leading owner and operator of outdoor advertising assets across the United States. |
| Verde Outdoor | Target Company | Company | An outdoor advertising company with assets operating across multiple U.S. states. |
| Ernest C. Garcia II | Seller/Partner | Person | Founder of Verde Outdoor and partner in the acquisition deal with Lamar. |
| Johnsen, Fretty & Co., LLC | Financial Advisor | Company | Provided financial advisory services to Verde Outdoor. |
| Snell & Wilmer | Legal Advisor | Company | Acted as legal advisor to Verde Outdoor. |
| Kean Miller LLP | Legal Advisor | Company | Provided legal advisory services to Lamar. |
| Hogan Lovells US LLP | Legal Advisor | Company | Provided additional legal advisory services to Lamar. |