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Lamar Advertising's SPAC Lamar Partnering Corp files for a $300 million IPO

April 6, 2021
LPCXU

Lamar Partnering Corp, a communications-focused blank check company formed by Lamar Advertising, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The Baton Rouge, LA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Lamar Partnering Corp would command a market value of $385 million.

The company is led by Chairman Sean Reilly, the CEO of publicly-traded REIT and outdoor advertising company Lamar Advertising (Nasdaq: LAMR), and CEO Ross Reilly, the VP of M&A and Business Analytics at Lamar. The company plans to focus on the digital media, advertising technology, international advertising, and/or distributed energy and wireless communications infrastructure sectors.

Lamar Partnering Corp was founded in 2021 and plans to list on the Nasdaq under the symbol LPCXU. Morgan Stanley and Citi are the joint bookrunners on the deal.