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Universal Outdoor Holdings Inc. said it bought 143 billboards in the metro Memphis area from Swaney Outdoor Inc. for $2.5 million and agreed to pay $30 million for 42 billboards in the New York City area from Gaess Outdoor Inc. and New York Signs Inc. Chicago-based Universal also said it will invest $5 million in two joint ventures in China. Universal Outdoor said it plans to sell 1.3 million shares to raise $45.5 million to finance acquisitions.
