JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) have landed the deal to help Stroer Group launch their initial public offering. Stroer Group is a large outdoor advertiser based in Germany.
Stroer will launch its IPO on the Frankfurt exchange sometime in the first half of 2010.
A spokesman from Stroer refused to confirm or deny the deal, as unnamed sources were cited as to its veracity, and the company said they’re on a course they like no matter what decision they make to raise more capital when needed.
Through its spokesman, Stroer seemed to be somewhat agitated or irritated that the “rumor” got out, and was quick to point out more than anything else that there were no time constraints the company is relating to, and while all options are on the table, they continue to grow at the pace they have set.
Even so, in an interview last month, the Chief Executive Officer of the company, Udo Mueller, did say an IPO was one of the options seriously being look at to grow the operations of the company in the United States and other European countries.
Germany has struggled in the initial public offering business since the recession, and is still slow getting out of the gate, which some consider in the case of Stroer, that it could be just what the country needed to spur others to take similar steps in 2010. Once IPOs get going in Germany again, it is expected there could be as many as ten more in 2010 before it’s over.
As the company won’t confirm one way or the other the IPO itself, for JPMorgan and Morgan Stanley it’s unclear what they would make on the deal, but they’re always a good, profitable business to engage in when able to land it.
Although I wasn’t able to confirm it, Stroer claims to be the largest advertiser in Germany, and says they have about 280,000 spaces they advertise in around the world, with Southeast Asia and Europe being the primary regions they serve now.
