Hicks, Muse buys outdoor groups in Chile, Uruguay

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DALLAS - International Outdoor Advertising--a Latin America investment affiliate of Dallas-based group Hicks, Muse, Tate & Furst--has acquired Heres S.A., the largest outdoor advertising company in Chile. It has also bought two outdoor leaders in Uruguay-- Heres Uruguay and Publibus. Financial terms of the transactions were not disclosed.

Cesar Baez, a partner in Hicks Muse Latin America, says: "With these acquisitions, Hicks Muse and International Outdoor Advertising have taken a significant step towards building the leading outdoor advertiser serving all of Latin America. We are now the largest industry participant in the Southern Cone Countries--Argentina, Uruguay and Chile-- the region's most stable economies with the highest per capita incomes."

Since its formation in 1989, Hicks, Muse, Tate & Furst has invested or committed to invest approximately $1.6 billion of equity capital in Latin America.

Copyright January 1999, Crain Communications Inc.

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