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Acquisitions and Dispositions | 9 Months Ended
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Sep. 30, 2015
Business Combinations [Abstract] |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions In the nine months ended September 30, 2015, we completed several small acquisitions for $11.1 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 September 30, 2015, includes $50.3 million of revenue from the Acquired Business and for the nine months ended September 30, 2015, includes $145.3 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 allocation of the purchase price presented below represents the effect of recording the 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.
(in millions) |  | Purchase Price
Base purchase price |  | $ | 690.0 |
Working capital and other adjustments |  | 24.2 |
Estimated transaction consideration |  | $ | 714.2 |
Current assets |  | $ | 48.4 |
Property and equipment |  | 73.3 |
Goodwill |  | 298.9 |
Intangible assets(a) |  | 325.2 |
Other assets |  | 10.7 |
Current liabilities |  | (36.5 | )
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 |  | $ | 252.0 |
Franchise agreements |  | 4 - 15 years |  | 35.3 |
Advertising relationships |  | 7 years |  | 16.0 |
Other |  | 1 - 5 years |  | 21.9 |
|  |  |  | $ | 325.2 |
(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 had varying maturities through June 1, 2021. As of September 30, 2015, we have prepaid several of the debt obligations, leaving a remaining balance of $0.4 million, with varying maturities through January 31, 2017.
Dispositions On October 31, 2015, we entered into an agreement with JCDecaux SA (“JC Decaux”), JCDecaux Latin America Investments Holding SL Unipersonal, a wholly-owned subsidiary of JCDecaux, and Corporacion Americana de Equipamientos Urbanos, S.L., a majority-owned subsidiary of JCDecaux, to sell all of our equity interests in certain of our subsidiaries (the “Transaction”),which hold all of the assets of our outdoor advertising business in Latin America, for $82.0 million in cash, subject to working capital and indebtedness adjustments. The consummation of the Transaction is expected to occur in the first half of 2016, subject to customary closing conditions, including regulatory approval. In the second quarter of 2015, we disposed of substantially all of our assets in Puerto Rico and recorded a loss of $0.9 million in Net (gain) loss on dispositions on the Consolidated Statement of Operations.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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