I Squared Capital to Acquire oOh!Media for A$898 Million

I Squared Capital agreed to acquire Australian outdoor advertising company oOh!Media Ltd. for an equity value of A$898 million, or approximately $634 million. The deal values the company at an enterprise value of roughly A$1.04 billion, with a cash payment of A$1.70 per share, which is a 6.9% premium over the previous Friday's closing price.

The acquisition concludes a months-long bidding process that saw interest from several firms, including Pacific Equity Partners and Oaktree Capital Management. Bain Capital also pursued the company but withdrew its interest in June. oOh!Media operates more than 30,000 advertising sites across Australia and New Zealand.

The board of oOh!Media unanimously recommended the offer and expects to pay a special dividend of approximately A$0.10 per share. The transaction remains subject to shareholder approval and is expected to close in late November or early December.