I Squared Is Said to Drop Pursuit of Ströer’s Billboard Unit (1)

An investor group led by I Squared Capital has dropped its pursuit of German media group Ströer SE & Co.’s core advertising business, people with knowledge of the matter said.

The private equity consortium informed Ströer of its decision earlier this week, the people said, declining to be identified because the information is private. I Squared struggled to secure sufficient investor backing for the transaction because of concerns about the German economy and the firm’s attempt to categorize the asset as an infrastructure play, the people said.

A transaction with I Squared could have valued Ströer’s out-of-home advertising ...