I Squared wins bidding war for Australia’s oOh!media in $735 million deal

• The offer represents a 6.9% premium to oOh!media's most recent closing price and a 100% premium to the A$0.85 closing price on April 28 when Pacific Equity Partners made its initial offer
• The bidding war intensified after Pacific Equity Partners launched its takeover offer in April, prompting competing bids from I Squared Capital and Bain Capital
• The oOh!media board unanimously recommended the I Squared Capital offer and plans to pay a fully franked special dividend of approximately 10 Australian cents per share

Summary: I Squared Capital Acquires oOh!media for $735 Million

Deal Overview:

Infrastructure investor I Squared Capital has agreed to acquire Australian outdoor advertising company oOh!media in a deal valued at A$1.04 billion ($735 million) including debt. The equity component is valued at approximately A$898 million, with the transaction to be implemented through a scheme of arrangement.

Bidding War Details:

I Squared emerged victorious after a months-long competitive process that attracted multiple global investment firms, including Pacific Equity Partners, Bain Capital, and Oaktree Capital. The bidding war intensified following Pacific Equity Partners' initial takeover offer in April.

Deal Terms and Premiums:

• The offer represents a 6.9% premium to oOh!media's most recent closing price
• Significantly, it reflects a 100% premium to the A$0.85 closing price on April 28, when Pacific Equity Partners first made its bid
• oOh!media's board plans to distribute a fully franked special dividend of approximately 10 Australian cents per share

Board Recommendation:

Chair Philippa Kelly stated that the board unanimously recommends the I Squared Capital offer, following what was described as a comprehensive and competitive process.

Market Context:

The deal highlights continued interest in outdoor advertising assets among infrastructure investors and private equity firms. The substantial premium paid since the initial April bid reflects strong competitive tension and perceived value in oOh!media's outdoor advertising platform.

The transaction is expected to proceed through a formal scheme of arrangement, subject to standard regulatory approvals and shareholder vote.