I Squared wins bidding war for Australia's oOh!media with $735 million deal

• The offer represents a 6.9% premium to oOh!media's recent closing price and a 100% premium to the A$0.85 closing price on April 28 when Pacific Equity Partners made its initial offer
• The competitive bidding process intensified after Pacific Equity Partners launched its takeover offer in April, drawing interest from multiple global investment firms
• oOh!media's board unanimously recommended the I Squared Capital offer and plans to pay shareholders a fully franked special dividend of about 10 Australian cents per share

Summary: I Squared Capital Acquires Australia's oOh!media for $735 Million

Key Transaction Details:

Infrastructure investor I Squared Capital has agreed to acquire Australian outdoor advertising company oOh!media in a deal valued at A$1.04 billion ($734.55 million) including debt. The equity portion is valued at approximately A$898 million, to be implemented through a scheme of arrangement.

Bidding Competition:

I Squared emerged victorious after a months-long competitive process that attracted multiple global investment firms, including Pacific Equity Partners, Bain Capital, and Oaktree Capital. The bidding war intensified following Pacific Equity Partners' initial takeover offer in April.

Deal Premium:

The offer represents a 6.9% premium to oOh!media's recent closing price and a substantial 100% premium to the A$0.85 closing price on April 28, when Pacific Equity Partners first made its approach. The oOh! board plans to pay shareholders a fully franked special dividend of approximately 10 Australian cents per share.

Strategic Significance:

The acquisition reflects strong investor appetite for outdoor advertising assets and infrastructure investments in the Australian market. The unanimous board recommendation, led by Chair Philippa Kelly, followed what was described as a comprehensive and competitive process.

Sector Impact:

This deal highlights continued consolidation in the outdoor advertising sector and demonstrates the attractiveness of established media infrastructure assets to private equity and infrastructure investors. The significant premium paid suggests confidence in the sector's growth prospects and oOh!media's market position in Australia.

The transaction remains subject to standard regulatory approvals and shareholder vote.