Paris, France-based JCDecaux, the world’s number one outdoor advertising company, and Top Media, leader in the outdoor advertising sector in Central America, signed an agreement last week to merge their activities, said the companies in a press statement

In the new venture, JCDecaux-Top Media, 71 percent of the capital is owned by JCDecaux and 29 percent controlled by Top Media.

With 15,700 advertising panels and a presence in six Central American countries, JCDecaux-Top Media will offer advertisers a full and diversified regional presence coupled with unrivaled visibility in Panama.

With a population of 44 million and stable currencies, Central America was the most dynamic region of Latin America in 2016. It is the region’s third largest advertising market behind Brazil and Mexico, but ahead of Argentina.

Top Media, established in November 1999 as Publitop de Panama, began with advertising concessions for large format displays in Panama City. The Group expanded through organic growth, and acquired Panamerican Outdoor Advertising in 2009 and Colite in 2014 to become the Central American market leader in 2014.

Top Media has a portfolio of large format assets in six countries (Panama, Guatemala, Costa Rica, El Salvador, Honduras and Nicaragua), and manages the Metrobus and airport concessions for Panama.

JCDecaux, the number one outdoor advertising company in Latin America, began operating in Central America in 2014, following the acquisition of an 85 percent stake in Eumex. The company controls 1,129,410 advertising panels in more than 75 countries for a daily audience of more than 390 million people.

Alfredo Aleman, Francisco Alonso and Arturo Zarate, Founding Shareholders of Top Media, said: “We are very proud to partner with JCDecaux, the number one outdoor advertising company worldwide, whose standards of quality have always served as an example for Top Media. With the new venture we can continue consolidating the Central American market which holds considerable opportunities.”

Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said: “We are delighted to have signed this merger agreement with Top Media … and to offer advertisers and their brands exceptional visibility on the continent.”