Key facts
- I Squared Capital will acquire Australian outdoor advertising company oOh!media.
- The deal values oOh!media at A$1.04 billion including debt.
- oOh! shareholders will receive A$1.70 per share in cash and a 2 cent dividend.
- The offer represents a 100% premium to the closing price on April 28.
- The oOh! board unanimously recommended the offer.
Australian outdoor advertising company oOh!media has agreed to be acquired by infrastructure investor I Squared Capital for A$1.04 billion, including debt. The deal follows a competitive bidding process that attracted interest from several global investment firms.
Under the terms of the agreement, oOh!media shareholders will receive A$1.70 per share in cash, which includes A$1.68 in scheme consideration and a 2 Australian cent fully franked interim dividend. This offer represents a 6.9% premium to the company's closing share price on August 7 and a substantial 100% premium compared to its closing price on April 28, when rival suitor Pacific Equity Partners first made a non-binding proposal.
I Squared Capital emerged as the successful bidder after a months-long contest that also saw interest from Pacific Equity Partners, Bain Capital, and Oaktree Capital. The oOh! board, led by Chair Philippa Kelly, has unanimously recommended the offer from I Squared Capital, citing a comprehensive and competitive process. The company's board also expects to pay a special dividend of approximately 10 Australian cents per share before the scheme is implemented.