I Squared Capital Is Said to Plan Bid for Ströer’s Billboard Arm

An investor group led by I Squared Capital is planning a bid for German media group Ströer SE & Co.’s core advertising business, people with knowledge of the matter said.

The private equity consortium has expressed interest in buying the Ströer unit, which includes its out-of-home advertising and digital content operations, the people said. It has been sounding out banks on financing for a potential deal and plans to submit a binding offer as soon as next week, the people said.

A transaction could value the operations at €3.5 billion ($4.1 billion) or more, the people said, asking not ...