Finance
Bain Capital Steps Away From oOh!media Acquisition Talks
Bain Capital has withdrawn from the bidding process for Australian outdoor advertising company oOh!media. The move leaves Pacific Equity Partners, I Squared Capital and Oaktree Capital Management in contention as acquisition discussions continue amid industry growth and improving financial performance at the ASX-listed media business.
Bain Capital have dropped out of the running for the Australian outdoor ad firm oOh!media, trimming a fiercely competed sale process that has drawn major interest from infrastructure and private equity investors.
The private equity giant's withdrawal comes just days after oOh!media revealed Bain was among a group of parties conducting due diligence on the ASX-listed company, shifting attention to remaining potential buyers, Pacific Equity Partners, I Squared Capital and Oaktree Capital Management, who are said to still be in discussions after submitting revised offers.
Three investors remain in the race for the company, in what has turned into one of Australia's most scrutinized media-sector takeover battles.
Revised indicative offers are understood to be in at about A$1.60 per share, and no binding offer has been put forward with the company yet to announce a preferred bidder.
The board had previously indicated that the early offers did not capture the intrinsic value of the business, signaling to those looking to purchase oOh!media that there was room to improve their offers.
Investor interest in the acquisition of the business comes off the back of the company’s increasing performance despite some tough industry conditions, which included a management change and the loss of a key advertising contract.
The business increased revenue by 8.8% to $691.4 million for the 2025 financial year. Underlying EBITDA jumped to $139.1 million while adjusted net profit after tax grew to $63 million.
The business achieved a record market share, representing 16.4% of all agency media spend, while holding a market share in out-of-home media of roughly 35% in both Australia and New Zealand.
Australia’s outdoor advertising market continued its strong performance, with data from the Outdoor Media Association suggesting it achieved $1.45 billion in net media revenue in 2025, up 11.4% on the prior year.
Digital formats took over 76% of the industry, with the demand for networked billboards and screen-based advertising assets continuing to rise.
OOh!media holds over 30,000 advertising sites across Australia and New Zealand, encompassing the whole spectrum from roadside billboards to airports, shopping centres, offices and public transit networks, and the interest of potential suitors comes as it faces strong industry growth, with three remaining investors looking to complete a transaction.
Source: Bloomberg
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