I Squared Wins Bidding War for Australia's oOh!media with $735 Million Deal
The cash deal values oOh!media at about A$898 million and needs shareholder, court and regulatory approvals before closing in Q4 2026.
- On Monday, Australian outdoor advertising company oOh!media Limited agreed to be acquired by infrastructure investor I Squared Capital in a deal valued at A$1.04 billion, including debt.
- The offer represents a premium of approximately 100% to oOh!media's April 28, 2026, closing share price of A$0.85; I Squared prevailed after a competitive process involving rival suitors Pacific Equity Partners, Bain Capital, and Oaktree Capital.
- Shareholders will receive A$1.70 per share in cash, comprising A$1.68 in scheme consideration and a 2-cent interim dividend. Senior Partner Harsh Agrawal at I Squared Capital said oOh!media offers "high-quality assets" and "attractive growth opportunities."
- Chair Philippa Kelly said the Board unanimously recommended the offer following a "comprehensive and competitive process." Completion is expected in the fourth quarter of 2026, pending regulatory and shareholder approvals.
- I Squared manages over $60 billion in assets globally and plans to accelerate digitalization of oOh!media's network. The company operates more than 30,000 digital and static assets across Australia and New Zealand.
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Ooh Media deal takes Unmade Index to six-month high
The Unmade Index ended the day at its highest point in nearly six months after being lifted by the news that Ooh Media is to be sold to private equity. The index rose by 1.52% to close on 417.4 points. Ooh closed up 4.4% with its share price hitting $1.66 after I Squared Capital agreed to buy it for $1.70 per share in a deal due to complete before the end of the year. Ooh Media ended the day with a market capitalisation of $877m, its best in nea…
I Squared wins bidding war for Australia's oOh!media with $735 million deal
I Squared acquires oOh!media following bidding war
I Squared Capital beat Pacific Equity Partners (PEP) and Oaktree Capital Management to become the new owner of ASX-listed oOh!media. I Squared Capital will pay up to $1.70 in cash for every oOh!media share, implying a value for the company of $898 million. This marks a substantial premium compared to oOh!media's share prices as at April 28. PEP offered to pay $1.40 per share in April. Two months later, the three bidders all upped their bids in t…
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