I Squared Capital agrees $631m buyout of Australia’s OohMedia

• Offer represents roughly a 100 percent premium to OohMedia’s undisturbed share price before the announcement
• Deal follows I Squared’s push into scaled network infrastructure with durable revenue and long-term growth potential
• I Squared has backed several Australian infrastructure platforms in energy, renewables and transport since opening a Sydney office in 2022

I Squared Capital has agreed to acquire OohMedia, an Australian out-of-home advertising company listed on the Australian Securities Exchange, under a scheme of arrangement.

Under the Scheme Implementation Agreement, OohMedia shareholders will receive A$1.70 a share in cash, implying an equity value of approximately A$898 million ($631 million; €549 million) and an enterprise value of approximately A$1.04 billion.

The offer represents a premium of approximately 100 percent to OohMedia’s undisturbed closing share price of A$0.85 on April 28.

Headquartered in Sydney, OohMedia operates a diversified network of more than 30,000 out-of-home advertising assets spanning roadside billboards, street furniture, rail and transit networks, airports, retail environments and other public spaces across Australia and New Zealand. According to the release, the company’s scale, premium locations and broad concession base underpin a leading position in the market.

I Squared, a global infrastructure investor, said the acquisition reflects its strategy of investing in scaled network businesses with established revenue bases, durable competitive advantages and long-term growth potential.

“OohMedia 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,” said Harsh Agrawal, senior partner at I Squared Capital, in a statement.

I Squared has built a presence in Australia since opening its Sydney office in 2022, deploying capital across infrastructure platforms in energy, environmental infrastructure, renewables, and transport and logistics.

The transaction is subject to customary conditions set out in the Scheme Implementation Deed, including approval by OohMedia shareholders, court approval, regulatory approvals and an independent expert’s conclusion, and is expected to close in the fourth quarter of 2026.

JP Morgan is acting as financial adviser and White & Case as legal counsel to I Squared Capital.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.