Blackstone and I Squared Capital are reviving talks to acquire Ströer’s advertising unit in a potential $3.8bn deal, per Bloomberg. The consortium is targeting Ströer’s out-of-home and digital media assets, though discussions include a full-company sale. This marks a second attempt after I Squared’s prior bid stalled due to investor resistance. Blackstone’s involvement injects fresh capital muscle, signaling renewed buyer interest.

Ströer’s leadership is seeking at least €3.5bn for the unit—nearly double its €2bn market cap—amid internal leadership shifts complicating negotiations. Analysts note the deal’s complexity hinges on structuring a partial or full exit for the remaining business.