oOh!media agreed on 10 August to be acquired by I Squared Capital for A$1.70 a share, giving the Sydney-based outdoor advertising company an enterprise value of A$1.04bn.
Why I Squared Capital (OOH BidCo) is buying oOh!media Limited
I Squared described oOh!media as a market-leading infrastructure platform with high-quality assets and long-term contracts, and said it would work with management to accelerate the digitisation of the network. The oOh! board said I Squared's focus on getting full value from the network fitted the strategy of chief executive James Taylor.
“After a comprehensive and competitive process, the Board is pleased to have reached a binding agreement with I Squared Capital, at an attractive price.”
Deal terms and financing
The total of A$1.70 comprises A$1.68 in cash under the scheme and a fully franked 2-cent interim dividend. The board may also pay a fully franked special dividend of about 10 cents, which would reduce the scheme payment. The price is 6.9% above the 7 August close of A$1.59 and 100% above the undisturbed price. Each side faces an A$8.9m break fee in specified circumstances.
Regulatory approvals and timing
The scheme needs approval from oOh! shareholders, the court and regulators, and a favourable independent expert's report. Completion is expected in the fourth quarter of 2026.
Market context
oOh!media operates more than 30,000 digital and static advertising sites across Australia and New Zealand, including roadside billboards, street furniture, rail, airports and retail centres. The deal follows a competitive process that began with I Squared's non-binding proposal disclosed on 29 April.
