Bulgarian outdoor media companies Wall Sofia and K Out Of Home have agreed to merge into a single entity, which will be named JCDecaux Bulgaria BV.
The new business resulting from the tie-up will be a subsidiary of Europe's top outdoor advertiser JCDecaux.
Wall Sofia is controlled by German company Wall AG, which is in turn 90 per cent-owned by JCDecaux, while the remainder is held by one of the company's owners, Daniel Wall.
UK-registered Novacorp Limited and bTV Media Group's co-owner hold stakes of 66 per cent and 33 per cent in K Out Of Home, respectively.
K Out Of Home, earlier known as News Outdoor Bulgaria, is the biggest player on the country's outdoor media market. The firm ended 2010 with a revenue of 7.76 million leva, of which 5.78 million was generated from outdoor advertising.
The transaction is the first major consolidation deal in the sector, which was adversely affected by the downturn in the advertising business.