Lamar Advertising Co. bought Fairway Outdoor Advertising LLC's billboard operations in several U.S. markets from private equity firm GTCR LLC in an all-cash deal for $418.5 million, confirming a recent report.

The outdoor advertising and logo sign-display owner said the deal gives it new full-service operations in Greenville/Spartanburg, S.C.; Raleigh-Durham and Greensboro/Winston-Salem, N.C.; Athens, Ga.; and La Crosse, Wis.

The real estate investment trust expects that the acquisition will contribute approximately $70.0 million in revenue in 2019, and the company will realize roughly $4 million in synergies in 2019.

Lamar used borrowings under its bank credit facility and under a $175 million accounts receivable securitization line arranged through PNC Bank NA to fund the acquisition.

Subject to board approval, the company expects to make regular quarterly distributions to stockholders of $3.84 per share in 2019, representing a 5.2% raise over total per-share distributions paid or to be paid in 2018 of $3.65.

Kean Miller LLP and Locke Lord LLP were Lamar's legal advisers on the acquisition transaction.