Media & Advertising
oOh!media takeover bids reach A$845M as Four Buyers remain in race
The oOh!media takeover battle has intensified after revised proposals lifted the company's valuation to approximately A$845 million. Four bidders remain in contention as the outdoor advertising group reviews offers against a backdrop of higher earnings and growing investment interest in digital advertising assets.
Australia's outdoor advertising sector has become the focus of fresh bid activity as oOh!media continues to receive higher takeover proposals, now valuing the business at roughly A$845 million.
The upgraded offers have ramped up competition between prospective acquirers, bringing the total to four parties pursuing theASX-listed operator of one of Australia and New Zealand’s largest out-of-home networks. They include private equity firms Pacific Equity Partners, Bain Capital and I Squared Capital.
The latest proposals mark an improvement on the first approach from earlier this year, when Pacific Equity Partners approached with an offer of $1.40 per share, valuing oOh!media at roughly A$747 million in April. Higher bids followed, taking the valuation to an estimated A$845 million.
Earnings Growth spurs further interest from investors
The deal-making comes off the back of a robust financial year for oOh!media. The company announced revenue growth to A$691.4 million for 2025 (up 8.8% compared with the previous year) and an 7% rise in underlying net profit to A$63 million. Underlying EBITDA also climbed, to A$139.1 million.
The company owns more than 30,000 advertising assets across Australia and New Zealand - in roadside billboards, shopping centres, airports, office buildings and public transport-and reaches a majority of Australians living in metropolitan areas each week, placing it among the country’s largest advertising platforms outside of TV, digital and print.
Investor interest also appears driven by the rise of digital outdoor advertising. Global out-of-home advertising expenditure reached $US46.2 billion ($A68.8b) in 2024 and is expected to approach $US50 billion ($A75 billion) in 2025, according to data from the World Out of Home Organization. Asia-Pacific is the world’s largest regional market, representing almost half of total spend.
Board considers options
The board of oOh!media has allowed a shortlist of bidders to proceed with due diligence, after deciding that earlier bids undervalued the company.
The company cautions that discussions are ongoing and there is no certainty of a transaction being completed, but it has emerged as one of this year’s most keenly watched corporate transactions in Australia's media and advertising sector, with multiple financial sponsors seeking to acquire it.
Source: Reuters
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