Acquisitions

In the three months ended March 31, 2015, we completed several small tuck-in acquisitions for $9.9 million.

On October 1, 2014, we completed the Acquisition for $690.0 million in cash, plus working capital adjustments.

Our Consolidated Statement of Operations for the three months ended March 31, 2015, includes $46.6 million of revenue from the Acquired Business.

The allocation of the purchase price of the Acquired Business is based on the fair value of assets acquired and liabilities assumed as of October 1, 2014, the effective date of the Acquisition. The preliminary purchase price allocation related to the Acquisition was not final as of December 31, 2014, and was based upon a preliminary valuation, which is subject to change as we obtain additional information, including information regarding fixed assets, intangible assets and certain liabilities.

The preliminary allocation of the purchase price presented below represents the effect of recording the preliminary estimates of the fair value of assets acquired and liabilities assumed as of the date of the Acquisition, based on the total transaction consideration of $690.0 million in cash, plus working capital adjustments. The following allocation of purchase price includes minor revisions to the preliminary allocation that was reported as of December 31, 2014 for property and equipment, goodwill and other assets, primarily due to adjustments for the valuation of property and equipment based upon additional information. These preliminary estimates will be revised in future periods. Any changes to the initial estimates of the fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill.



(in millions)	Purchase Price
Base purchase price	$	690.0
Working capital and other adjustments	24.2
Estimated transaction consideration	$	714.2

Current assets	$	44.4
Property and equipment	86.4
Goodwill	296.4
Intangible assets^(a)	316.6
Other assets	10.7
Current liabilities	(34.5		)
Long-term debt^(b)	(1.4		)
Other liabilities	(4.4		)
Total net assets acquired	$	714.2


(a)	Intangible assets included with the preliminary purchase price allocation are as follows:



(in millions)	Estimated Useful Life	Intangible Assets Allocation
Permits and leasehold agreements	12 - 20 years	$	244.0
Franchise agreements	4 - 15 years	34.8
Advertising relationships	7 years	16.0
Other	1 - 5 years	21.8
		$	316.6


(b)	In conjunction with the Acquisition, we assumed a total of $1.4 million of long term debt, due to three unrelated third parties. The debt has varying maturities through June 1, 2021. As of March 31, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.6 million, with varying maturities through January 31, 2017.