I Squared Capital to Acquire Australian Media Company oOh!media for A$898 Million

I Squared has signed an agreement with oOh!media to acquire all of the company’s issued shares through a scheme of arrangement. This means the acquisition will be completed through a formal process that requires shareholder and other necessary approvals.

As part of the deal, oOh!media shareholders will receive A$1.70 in cash for every share they own.

The offer values oOh!media’s equity at around A$898 million (US$631 million). Including the company’s debt and other financial obligations, its total enterprise value is estimated at around A$1.04 billion (US$733 million).

Harsh Agrawal, Senior Partner at I Squared Capital, commented, “oOh!media represents the type of infrastructure platform we seek to invest in - a market-leading business with high-quality assets, long-term contractual foundations and attractive growth opportunities. We look forward to partnering with the management team to build on the Company’s market leadership, accelerate the digitalization of the network and create long-term value for customers, communities and our investors."

oOh! Chair, Philippa Kelly, said, “After a comprehensive and competitive process, the Board is pleased to have reached a binding agreement with I Squared. I Squared’s focus on optimising the full value of the network aligns with the strategy of our CEO James Taylor and our experienced leadership team.”

About I Squared Capital

I Squared Capital is a global infrastructure investment firm focused on mid-sized businesses. Founded in 2012, the company now manages more than $60 billion in assets and has become one of the world’s leading infrastructure investors.

I Squared invests in areas such as power and utilities, transportation and logistics, digital infrastructure, environmental services and social infrastructure. Its portfolio includes more than 100 companies operating across over 115 countries, providing essential services to millions of people worldwide.

About oOh!media

oOh!media is a leading Out-of-Home (OOH) media company that uses advertising spaces in public places to connect brands with large audiences.

The company creates engaging public spaces that help advertisers, property owners, community groups, local councils, and governments reach people from different backgrounds and communities.