AUCKLAND, Today: Here, There & Everywhere (HT&E) has confirmed it has completed the sale of Adshel to oOh!media for the price of A$570 million (NZ$621 million).
An Adshel NZ spokesperson also confirmed the sale – but said the Auckland-based division would be making no comment.
Adshel will now be folded into oOh!media, leaving HT&E with radio assets.
oOh!media acquired Here, There & Everywhere-owned Adshel in late June. The acquisition followed a bidding war between oOh!media and APN Outdoor for the outdoor street furniture business. HT&E is an Australian-owned company.
At the time of purchase, oOh!media’s Sydney-based ceo Brendon Cook said: “oOh!media has a history of developing a diverse product portfolio to offer advertisers a range of audiences.
“Just when the deal takes effect is not yet known. In the meantime, it’s business as usual from Adshel and oOh! in NZ.”
“Adshel is complementary to our existing portfolio and we are excited to be entering the new segments of the street furniture and rail.
“The digitisation opportunity in the Adshel business is expected to provide a significant avenue for further growth beyond what has been achieved to date,
“We are confident the oOh! shareholders will enjoy the benefit of cost synergies arising from the acquisition.”
oOh!media will be acquiring more than 21,000 poster faces and 800 screens across Adshel’s Australian-New Zealand network.
Just when the deal takes effect is not yet know. In the meantime, expect business as usual from Adshel and oOh! in NZ.
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