I Squared Capital to buy Australia’s oOh!media for $634 mln

Australian outdoor advertising company oOh!Media Ltd has agreed to be acquired by infrastructure investor I Squared Capital for approximately A$898 million ($634 million). The binding scheme implementation agreement entails I Squared acquiring all of oOh!media's shares at A$1.70 per share, consisting of A$1.68 in cash and a fully franked interim dividend of 2 Australian cents per share.

This offer represents a 6.9% premium to the company's last closing price of A$1.59 on August 7. The oOh!media board has unanimously recommended shareholders approve the deal, subject to an independent expert confirming its best interests for shareholders. The company anticipates paying a fully franked special dividend of about 10 cents per share.

The transaction requires shareholder, court, and regulatory approvals, including clearance from Australia's Foreign Investment Review Board and competition regulator. Completion is expected in late November or early December 2026.

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