Equistone will take a majority stake in the business alongside reinvesting members of the Talon Outdoor management team.

Talon Outdoor is a global out-of-home (OOH) advertising agency and provides creative, strategic and campaign-planning services to deliver successful media solutions to its clients.

The Travers Smith team was led by Private Equity & Financial Sponsors Partners James Renahan and Emma Havas, supported by Senior Associate Alex Watt and Associates Sam van Besouw and Ramya Mahidhara. Specialist advice was provided by Finance Partner Matt Ayre, Senior Counsel Fiona Swords and Associates Fiona Cantlay and Sophie Tenn as well as Tax Partner Jess Kemp and Associate Kaleem Khan.

The transaction is expected to complete later this month.