Pikasso acquires Tunisian advertising firm for $1.32 million

Yellow Spirit, the holding company of outdoor advertising provider Pikasso, and its Tunisian subsidiary, Lawhat Tunisie, have acquired a combined 66.36 percent stake in Maghreb International Publicité (MIP).

Bourse de Tunis, the Tunisian stock exchange, said that the acquired stake consists of nearly 2.92 million shares that were sold by former shareholders, Hédi and Mehdi Cheriha, for one Tunisian dinar a share.

This brings the overall value of the deal to $1.32 million.

“A take-over bid under the control of the [Tunisian] Financial Market Council (FMC) will be announced in the weeks to come regarding the remaining shares,” Yellow Spirit said in a statement.

According to the Bourse, the stake acquired by Yellow Spirit and that of Lawhat Tunisie is 38.65 percent and 27.71 percent respectively.

MIP, which was founded in 2004, is engaged in outdoor advertising activities in Tunisia and Mali.

The acquisition will bolster Pikasso’s position in North Africa, and MIP will be a good platform to reach agencies and advertisers in Tunisia and Mali, said Antonio Vincenti, Chairman and CEO of Yellow Spirit and Pikasso.

Maher Ben Salem, MIP’s new General Manager, said that they plan to restructure their activities and related companies.

Pikasso, which was founded in 1986, is also present in Jordan, Iraq, and Algeria.