Investing.com -- Blackstone Inc. (NYSE: BX) has withdrawn from a potential acquisition of German media company Stroeer SE & Co. (ETR:SAX), according to Bloomberg News, citing people familiar with the matter.

The US private equity firm has exited an investor group with I Squared that was exploring a takeover of Stroeer, which operates businesses including billboard advertising, the people said.

The I Squared consortium was considering making an offer of roughly €2.5 billion ($2.9 billion) for Stroeer that would value the company in the mid-€40s per share, Bloomberg News reported earlier this month.

I Squared is now considering its next move, the people said, asking not to be identified because the information is private. Deliberations are ongoing and there is no certainty it will proceed with a bid, according to the people.