I Squared Capital has entered into a Scheme Implementation Agreement to acquire Australian out-of-home advertising company oOh!media Limited in a transaction implying an enterprise value of approximately A$1.04 billion, or about US$733 million.
Under the proposed transaction, oOh!media shareholders will receive A$1.70 in cash for each share they hold.
The offer implies an equity value of approximately A$898 million, or US$631 million.
The A$1.70 per-share consideration represents an approximately 100% premium to oOh!media’s undisturbed closing share price of A$0.85 on April 28, 2026.
Headquartered in Sydney, oOh!media operates more than 30,000 digital and static advertising assets across Australia and New Zealand.
Its network spans roadside billboards, street furniture, rail and transit systems, airports, retail environments and other public spaces.
I Squared is pursuing the acquisition as part of its strategy of investing in scaled infrastructure and network businesses with established revenue bases, competitive advantages and long-term growth potential.
The infrastructure investor plans to support continued digitalization of oOh!media’s advertising network while building on the company’s existing market position and concession portfolio.
oOh!media’s board reached the agreement following what it described as a comprehensive and competitive process.
The company said the transaction aligns with CEO James Taylor’s strategy to optimize the value of its network.
The deal also expands I Squared’s investment presence in Australia.
Since opening its Sydney office in 2022, I Squared has deployed capital across businesses spanning energy infrastructure, environmental infrastructure, renewable energy, transportation and logistics.
The proposed acquisition remains subject to several conditions, including approval from oOh!media shareholders, court approval, regulatory approvals, an independent expert conclusion and other customary closing requirements.
Subject to those conditions, the transaction is expected to close during the fourth quarter of 2026.
J.P. Morgan is serving as financial advisor to I Squared, while White & Case is serving as legal counsel.
I Squared manages more than $60 billion in assets and invests across power and utilities, transportation and logistics, digital infrastructure, environmental infrastructure and social infrastructure.
Its portfolio includes more than 100 companies operating across over 115 countries.
KEY QUOTES:
“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.”
Harsh Agrawal, Senior Partner at I Squared Capital
“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.”
Philippa Kelly, Chair of oOh!media
