Lamar Advertising Co. has acquired the assets of Clear Channel Outdoor Holdings Inc. in five U.S. markets for $458.5 million.

Baton Rouge-based Lamar said Thursday the acquisition will add to its portfolio more than 5,500 billboards and posters in Seattle and Tacoma, Washington; Cleveland; Des Moines, Iowa; Memphis, Tennessee; and Reno, Nevada.

The acquisition, which the Reuters news agency said Wednesday was in the works, includes 132 digital displays.

“Given Clear Channel’s goal of focusing on its core markets, this is a transaction that makes great sense for both of us,” said Lamar Chief Executive Officer Sean Reilly.

In a conference call with reporters and analysts, Reilly said “it wasn’t long ago” that the five markets were contributing $44 million a year to Clear Channel’s earnings before interest, taxes, depreciation and amortization. “Give us a couple of years, and we’ll get back to there,” he said.

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For 2016, Lamar estimates the acquisition will mean about another $79 million to its annual revenue and $40 million to its EBITDA. “These are premier billboard assets in attractive markets,” Reilly said. “Clear Channel did an outstanding job in the markets where the regulatory market was kind to them.”

Founded in 1902, Lamar has more than 315,000 displays across the United States, Canada and Puerto Rico. Those include 144,000 billboards, 2,000 digital displays, 40,000 transit and airport displays, and 130,000 interstate logo signs.

Through the first three quarters of 2015, its revenue was just under $1 billion, while the EBITDA was $432.9 million.

J.P. Morgan Securities LLC acted as financial adviser to Lamar on the transaction. Lamar financed the acquisition using $160 million of revolving borrowings and a $300 million term loan bridge facility provided by J.P. Morgan Chase Bank N.A.

Kean Miller LLP and Locke Lord LLP acted as legal advisers to Lamar.