T-Mobile to Acquire Vistar Media for $600 Million

Cleary Gottlieb is representing T-Mobile US Inc. (T-Mobile) in its entry into a definitive agreement to acquire Vistar Media, the leading provider of technology solutions for digital-out-of-home (DOOH) advertisements reaching millions of consumers throughout their daily lives.

The transaction was announced on January 13, 2025.

T-Mobile will pay approximately $600 million in cash, subject to closing adjustments. The transaction is expected to close in Q1 2025, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.

T-Mobile is America’s supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. T-Mobile’s customers benefit from its unmatched combination of value and quality, unwavering obsession with offering them the best possible service experience, and undisputable drive for disruption that creates competition and innovation in wireless and beyond. Based in Bellevue, Washington, T-Mobile provides services through its subsidiaries and operates its flagship brands, T-Mobile, Metro by T-Mobile, and Mint Mobile.

Vistar Media is the home of out-of-home—providing brands, marketers, and media owners with the world’s first truly intelligent platform for buying and selling OOH. It hosts the world’s most extensive digital out-of-home inventory globally, offering the scale, data, and expertise that allow brands to capture a better kind of attention. With a full suite of platforms to choose from—demand-side platform, supply-side platform, ad server, and Cortex device management system—Vistar Media has built the world’s largest marketplace for OOH transactions. Headquartered in New York, it has a presence in more than 30 countries, working with hundreds of brand marketers and media owner networks to power an OOH that’s both timeless and future-proof.