I Squared Capital to Acquire oOh!media in A$898 Million Buyout
Synopsis
The US infrastructure investor, which manages more than US$60 billion in assets, will acquire Australia's largest outdoor advertising company under a A$1.70-a-share scheme after a months-long bidding contest.
The I Squared Capital buyout of the oOh!media takeover was agreed at A$1.70 a share, which works out to a valuation of the Australian outdoor advertising firm of approximately A$898 million, based on equity.
The deal is cross competitive in nature as numerous investment funds participated in the auction, with the enterprise value of oOh!media amounting to approximately A$1.04 billion, including debt.
I Squared Agrees to A$1.70 Per Share
Meanwhile, the oOh!media takeover value is at A$1.68 per share under the scheme and a fully franked interim dividend of A$0.02 per share.
The price is 6.9% higher than the closing fee of the firm’s share at A$1.59 on 7 August. It's also 21.4% higher than the proposal of Pacific Equity Partners, which was $1.40 per share, recorded earlier this year.
The oOh!media board has approved the deal with their shareholders, subject to an independent expert’s opinion that remains recommendable to be in their shareholders’ interests and there are no superior proposals.
The oOh!media takeover requires shareholder and court approvals, as well as regulatory clearances. The shareholder’s meeting is expected to be held sometime in late October, and if all goes smoothly, the meeting will be completed in late November or early December.
Latest Results Show A$691.4M Revenue
The oOh!media takeover comes after the firm announced a A$691.4 million revenue for 2025, which is 9% higher than the A$635.6 million revenue for 2024.
An increase of thirteen percent was recorded in the EBITDA to A$328 million, and underlying EBITDA grew by 8% to A$139.1 million, according to the oOh!media 2025 Annual Report.
Meanwhile, the underlining net profit after tax grew by seven per cent to A$63 million and statutory profit after tax fell by 54 per cent to A$16.9 million .
The billboards contributed A$237.1 million in revenue and street furniture earned A$226.4 million to the revenue, with the rail recording A$221.6 million. Airport revenue grew by 29 per cent to A$64.1 million, compared to a six per cent drop in retail advertising revenue to A$124.8 million.
Australian Outdoor Advertising Market
According to the Outdoor Media Association’s (oMA) figures, the broader Australian Out Of Home (OOH) advertising market’s net media revenue grew by 11.43 percent in 2025 to A$1.4495 billion .
In addition, the percentage of the digital OOH ad industry was at 76.6% of total revenue, compared to 74.9% in 2024. Meanwhile, roadside billboards remained the largest source of revenue for the advertising industry, amounting to A$591.5 million.
The oOh!media takeover follows the market’s revenue growth of more than ten percent this year, but as mentioned, the company’s own 2025 Annual Report showed signs of advertising industry slowing during the second half of the year, and the lack of a contract renewal with Auckland Transport, also impacting the results.
Source: Capital Brief
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
