A$1.04 billion takeover of oOh!media awaits completion of approvals
Key Facts
oOh!media said on 10 August 2026 that it had agreed to be acquired by infrastructure investment firm I Squared Capital in a deal with an enterprise value of about A$1.04 billion, including debt. The binding agreement was announced after a competitive process that included an initial offer from Pacific Equity Partners. The deal values oOh!media’s equity at about A$898 million. The acquisition will be implemented through a scheme of arrangement, according to the announced terms. However, the announcement of the agreement does not mean the sale is complete or ownership has transferred; further steps and approvals are still required.
The offer provides total cash consideration of A$1.70 per share, comprising A$1.68 as scheme consideration and 2 Australian cents as an interim dividend described as fully franked. This distinction separates the consideration under the scheme of arrangement from the additional interim dividend. Accordingly, the total amount shareholders receive for each share combines these two components. The announced terms show that the dividend forms part of the cash consideration structure, rather than an increase to the base deal amount of A$1.68 per share. Available information has not established that shareholders voted in favour of the offer or that the required approval threshold was met.
According to Reuters, the offer is 6.9% above oOh!media’s closing share price of A$1.59 on 7 August 2026. It is also 21.4% above the initial, non-binding offer of A$1.40 per share submitted by Pacific Equity Partners in April 2026. The comparison shows that I Squared Capital’s terms were higher than the market price on the day before the agreement was announced, as well as the previous proposal from the rival. oOh!media Chair Philippa Kelly said the board had unanimously recommended I Squared Capital’s offer following a process she described as comprehensive and competitive. The recommendation is attributed to the board and does not by itself establish the outcome of a shareholder vote.
oOh!media operates in the out-of-home advertising sector, and the company says its network in Australia and New Zealand includes digital and static sites. These include roads, shopping centres, airports, train stations and bus stops, as well as office towers and universities. This footprint places the company’s advertising assets at transport, shopping, work and education locations across the two countries. The next step in the sale process remains subject to completion of the scheme of arrangement, approvals and the remaining procedures. Available information does not specify a completion date for the deal or an official result of a shareholder vote.