Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2024

Acquisitions

We completed several asset acquisitions for a total purchase price of approximately $7.6 million in the six months ended June 30, 2024, and $27.4 million in the six months ended June 30, 2023. The value of the assets acquired during 2024 and 2023 has primarily been allocated to the related permits and leasehold agreements intangible assets (see Note 4. Intangible Assets).

Dispositions

Canadian Business

On June 7, 2024, the Company completed the sale of the Canadian Business in the Transaction. In connection with the Transaction, the Company received C$410.0 million in cash, which is subject to certain purchase price adjustments.

In connection with the Transaction, the assets of our outdoor advertising business in Canada had been classified as Assets held for sale on the Consolidated Statement of Financial Position as of December 31, 2023. It is required that we measure assets held for sale at the lower of their carrying value (including unrecognized foreign currency translation adjustment losses) or fair value less cost to sell. The components of Assets held for sale and Liabilities held for sale, which were written off upon completion of the Transaction, were as follows:


(in millions)	As of June 7, 2024		As of December 31, 2023
Current assets:
Receivables, less allowances	$	22.9	$	26.7
Other current assets	9.3		7.9
Current assets held for sale	32.2		34.6
Property and equipment, net	44.7		39.9
Goodwill	22.2		22.9
Intangible assets	51.3		53.0
Operating lease assets	84.7		85.9
Other assets	11.9		12.6
Total assets held for sale	$	247.0	$	248.9

Current liabilities held for sale	$	24.7	$	24.1
Deferred income tax liabilities, net	13.7		15.5
Asset retirement obligation	4.9		5.0
Operating lease liabilities	69.4		70.4
Total liabilities held for sale	$	112.7	$	115.0