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US private equity firm, I Squared, has outbid Pacific Equity Partners and others to reach a binding agreement for the acquisition of Australian-based out of home advertising giant oOh!media, with a final bid of USD 1.70 cash per share, valuing oOh!media at approximately AUDUSD 898 million in equity and AUDUSD 1.04 billion on an enterprise value basis.

The final price is a substantial leap from early offers that valued oOh!media at around AUDUSD 770 million when a bidding war for the company first opened with a USD 1.40-a-share unsolicited takeover bid by Pacific Equity Partners (PEP) on April 29th. I Squared quickly increased the offer to USD 1.45-a-share a fortnight later, but both offers were rebuffed by the oOh!media board, which told shareholders it ‘unanimously determined that neither proposal adequately reflected the intrinsic value of the company’. By mid-June, oOh!media had received conditional non-binding indicative offers from Bain Capital and others, ordering a trading halt to assess the offers, confirmed in a June 15th ASX statement to be between USD 1.60 and USD 1.65 a share.

Talking to the latest final bid from I Squared of USD 1.70 a share, Philippa Kelly, Chair of oOh!media proffered the Board’s endorsement, saying: “After a comprehensive and competitive process, the Board is pleased to have reached a binding agreement with I Squared and we unanimously recommend this Scheme, which we believe reflects the strength of the number one out of home network across Australia and NZ, and will deliver a strong outcome for oOh!media shareholders.”

By way of a value comparison, MediaWorks’ parent company QMS Media was bought by Nine Entertainment for AUUSD 850 million earlier this year. The final oOh!media offer now remains subject to approval by the company’s shareholders, as well as court approval, regulatory approvals, an independent expert conclusion, and other customary conditions. Subject to the satisfaction of these conditions, the transaction is expected to be completed in Q4 CY2026.

Whilst it is unclear at this stage what this acquisition might mean for the multi-award winning Cactus Imaging, an oOh!media company and one of Australia’s largest and most successful printers, I Squared senior partner Harsh Agrawal did say: ”oOh!media 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. We look forward to partnering with the management team to build on the Company’s market leadership, accelerate the digitalisation of the network and create long-term value for customers, communities and our investors.”

oOh!media operates a diversified network of more than 30,000 digital and static assets across Australia and New Zealand, spanning roadside billboards, street furniture, rail and transit networks, airports, retail environments, and other public spaces. Its scale, premium locations, breadth of formats, and extensive concession base underpin a leading market position against the likes of QMS and JC Decaux.

I Squared opened a Sydney office in 2022 and has since deployed capital across several infrastructure platform businesses including energy infrastructure, environmental infrastructure, renewables, and transport and logistics. The acquisition of oOh!media will add to the 100 businesses I Squared owns in 115 countries around the world, which have a combined value of USUSD 60bn. It also reflects the equity firm’s strategy of investing in scaled network businesses with established revenue bases, durable competitive advantages, and long-term growth potential.

Source

- Wide Format Online（南非/全球） (2026-08-12) - Original article: I Squared outbids hot competition for oOh!media