Investors Reportedly Move to Take Control of Ströer, Europe's OoH Giant
2026-08-02 · via invidis
Infrastructure investors I Squared Capital and Infravia Capital Partners are preparing to take control of Ströer, according to a report by German business magazine Manager Magazin. For an industry reader, this matters because Ströer is Germany's dominant player in static and digital out-of-home advertising, and a change of ownership could reshape investment priorities for one of Europe's largest DOOH networks.
Neither Ströer nor the reported buyers have commented publicly. The report says the investors have reached an understanding with Ströer's two largest shareholders. Founder's son Dirk Ströer is said to plan selling his entire 20 percent stake, while CEO Udo Müller would keep part of his roughly 24 percent holding. Through a shareholder arrangement, the investors could gain effective control without owning a majority of shares outright.
This is not the first attempt. I Squared Capital reportedly tried to acquire Ströer last year but could not line up enough co-investors. A subsequent attempt with Blackstone reportedly collapsed around two months ago. The current plan brings in Infravia Capital Partners, a France-based investor, instead.
Valuation well below past asking price
The reported deal values Ströer at around €2.5 billion, roughly 20 percent above recent market value but far below the figures discussed in earlier talks. Over the past two years Ströer had negotiated with investors including Blackstone, Hellman & Friedman and KKR, reportedly seeking a €4 billion valuation for the out-of-home business alone.
Why infrastructure investors want DOOH
Ströer's out-of-home division generates close to half of group revenue and is described in the report as its most profitable segment. The company has also diversified over the years into digital publishing, online advertising, market intelligence and consumer products, with assets such as T-Online, Statista and Asambeauty. Critics cited in the report have argued this diversification adds complexity without proportional value.
I Squared Capital and Infravia specialize in infrastructure investing, where stable long-term cash flows from assets like telecom towers or fibre networks are the typical target. Digital out-of-home advertising, backed by long-term contracts, fits that profile. For operators watching Europe's DOOH expansion, the implication is that access to long-term infrastructure capital could accelerate investment in premium digital networks, screens and supporting systems in ways that would be harder to fund as a standalone listed company.
The report also notes that prospective owners are said to want to retain Müller, who returned to run the company recently after Co-CEO Christian Schmalzl and CFO Henning Gieseke departed. Whether the transaction goes through remains unconfirmed. If it does, the reporting suggests Ströer could end up refocused primarily on its core out-of-home advertising business rather than its broader media holdings.
The announcement in full
Reproduced from invidis for reference. Digital Signage Magazine did not write the text below.
According to reports, infrastructure investors I Squared Capital and Infravia Capital Partners are preparing to take control of Ströer. If the deal goes ahead, Germany's largest out-of-home media company could face a strategic refocusing on its core advertising business.
The long-running speculation surrounding Ströer’s future ownership appears to be entering a decisive phase. According to a report by German business periodical Manager Magazin , infrastructure-focused investors I Squared Capital and Infravia Capital Partners have reached an understanding with Ströer’s two largest shareholders and are poised to take control of the Cologne-based media group.
Neither Ströer nor the prospective buyers initially commented on the reports. Yet the latest developments suggest that one of Europe’s most influential out-of-home operators could soon enter a new chapter.
I Squared Capital had already attempted to acquire Ströer last year but was unable to secure enough additional investors. A new attempt in partnership with Blackstone two months ago apparently failed as well. Now there is a new plan involving Infravia Capital Partners, an investor headquartered in France.
Investors target control, not necessarily majority ownership
According to the reports, founder’s son Dirk Ströer plans to sell his entire 20 percent shareholding, while CEO Udo Müller is expected to remain involved and dispose of only part of his approximately 24 percent stake. Through a shareholder arrangement, the investors could effectively gain control of the company even without owning more than 50 percent of the shares.
The reported transaction values Ströer at around €2.5 billion. While this represents a premium of roughly 20 percent over the recent market value, it falls significantly short of the valuations discussed during previous takeover talks. Over the past two years, Ströer negotiated with various financial investors – including Blackstone, Hellman & Friedman, and KKR – reportedly asking for 4bn EUR valuation just for the OoH-business.
At its core, Ströer remains an out-of-home company.
The group dominates the German static and especially digital out of home advertising market. Its OoH division generates almost half of group revenue and remains the company’s most profitable and strategically important asset.
At the same time, Ströer has spent years expanding beyond its traditional roots. Through a series of acquisitions, the company assembled a diverse portfolio that includes digital publishing, online advertising, market intelligence, and consumer products. Assets such as T-Online, Statista, and Asambeauty have transformed Ströer into a broad media and services group rather than a pure-play advertising company.
That diversification has not always convinced investors. Critics have long argued that several of the group’s peripheral businesses add complexity without contributing proportionally to the company’s valuation.
Infrastructure investors see opportunity in DooH
The reported interest from I Squared Capital and Infravia is hardly surprising. Both firms specialize in infrastructure investments, and DooH assets provide a similar stable cash-flow over long-term contracts such as telecommunications towers, fibre networks, or energy infrastructure.
DooH is booming in Germany, Europe and worldwide. However, digitalization comes at a price. Expanding premium digital networks requires significant investment in hardware, software, and infrastructure. Access to long-term capital could therefore accelerate Ströer’s digital ambitions in ways that would be more challenging as a standalone listed company.
Industry sources cited in the manager magazine report suggest that the prospective owners are keen to retain Müller. He is considered the executive with the most market knowledge and strong industry relationships. Just a few weeks ago co-founder Udo Müller returned running the company, after the Co-CEO Christian Schmalzl and CFO Henning Gieseke left the company.
Whether the reported transaction ultimately materializes remains to be seen. But after years of recurring takeover rumours, the latest reports suggest that Ströer may be closer than ever to becoming what many investors always believed it should be: a pure-play out-of-home powerhouse.
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