I Squared Capital agrees $634m take-private of Australia’s oOh!Media
US infrastructure investor I Squared Capital has agreed to acquire Australian outdoor advertising company oOh!Media for AUD898m ($634m), bringing an end to a months-long auction that attracted interest from several major private equity firms, according to a report by Bloomberg.
Infrastructure investor I Squared Capital has secured a $634 million take-private deal for Australia's outdoor advertising firm, oOh!Media, ending a competitive auction process, according to Bloomberg. The deal, which values the company at A$1.04 billion, includes a 6.9% premium above oOh!Media's closing share price on Friday and marks a significant increase from its late April valuation of around A$0.5 billion.
With operations spanning over 30,000 locations across Australia and New Zealand, oOh!Media boasts a diverse portfolio of premium advertising sites, including roadside billboards, transport hubs, rail stations, and shopping centers. I Squared, which manages approximately $60 billion in assets, highlighted the company's leading market position due to its extensive network and range of formats.
Following the announcement of the agreement, oOh!Media shares surged nearly 5%, marking a 28% gain for the year. The board recommends the offer, and I Squared will provide shareholders with a special dividend of approximately A$0.10 per share. The transaction is not contingent on financing or further due diligence, and is expected to close in late November or early December.
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