I Squared Capital to acquire oOh!media for A$1.04 billion

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.

I Squared emerged as the winner following a competitive bidding process that included interest from other global investment firms such as Pacific Equity Partners, Bain Capital, and Oaktree Capital. The agreement values oOh!media's equity at approximately A$898 million.

Under the terms of the binding agreement, shareholders will receive A$1.70 per share in cash, which consists of A$1.68 in scheme consideration and a 2 Australian cent interim dividend. This represents a 6.9% premium over the company's closing share price on August 7. oOh! Chair Philippa Kelly stated that the board unanimously recommended the offer after a comprehensive process. The board is also expected to pay a special dividend of approximately 10 Australian cents per share prior to the implementation of the scheme.