GMT Communications Partners, a UK-based private equity group specialising in telecommunication and media investments, has bought three companies to create Spain's fourth largest outdoor advertising agency behind Clear Channel, JC Deceaux and Cemusa.

GMT Communications made the acquisitions through Redext, its new portfolio company, and alongside three executives which include Antonio Sánchez de Léon, who has been chief executive of the private equity group's other Spanish media investments for the last six years.