I Squared wins 4-way bidding war for oOh!media in AUD$1bn deal
Sydney-based out of home advertising company oOh!media has entered into a binding scheme implementation agreement with a view to being acquired by OOH BidCo, an entity owned and controlled by US private equity firm, I Squared, The binding scheme values oOh!media at approximately AUD$898 million in equity and AUD$1.04 billion on an enterprise value basis.
The final price is a substantial leap from early offers that valued oOh!media at around AUD$770 million when a bidding war for the company first opened with a $1.40-a-share unsolicited takeover bid by Pacific Equity Partners (PEP) on April 29th. I Squared quickly increased the offer to $1.45-a-share a fortnight later, but both offers were rebuffed by the oOh!media board, which told shareholders it ‘unanimously determined that neither proposal adequately reflected the intrinsic value of the company’. By mid-June, oOh!media had received conditional non-binding indicative offers from Bain Capital and others, ordering a trading halt to assess the offers, confirmed in a June 15th ASX statement to be between $1.60 and $1.65 a share.
I Squared has now staved out any further competition with its final bid of $1.70 cash per share in a scheme that remains subject to final approval by oOh!media shareholders, court approval, regulatory approvals, the independent expert conclusion, and other customary conditions. Subject to the satisfaction of these conditions, the transaction is expected to be completed in Q4 CY2026.
Philippa Kelly, chair of oOh!media formally endorsed the offer in an official statement saying: “After a comprehensive and competitive process, the Board is pleased to have reached a binding agreement with I Squared. The Board unanimously recommends this Scheme, which we believe reflects the strength of the number one out of home network across Australia and NZ, and will deliver a strong outcome for oOh!media shareholders.”
In the same statement, I Squared senior partner Harsh Agrawal adds: ”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 digitalisation of the network and create long-term value for customers, communities and our investors.”
oOh!media operates a diversified network of more than 30,000 digital and static assets across Australia and New Zealand, spanning roadside billboards, street furniture, rail and transit networks, airports, retail environments, and other public spaces. Its scale, premium locations, breadth of formats, and extensive concession base underpin a leading market position.
I Squared opened a Sydney office in 2022 and has since deployed capital across several infrastructure platform businesses including energy infrastructure, environmental infrastructure, renewables, and transport and logistics. The acquisition of oOh!media reflects the equity firm’s strategy of investing in scaled network businesses with established revenue bases, durable competitive advantages, and long-term growth potential.
By way of comparison, MediaWorks’ parent company QMS Media was bought by Nine Entertainment for AU$850 million earlier this year.
