The Australian Competition & Consumer Commission has cleared both the JCDecaux acquisition of APN Outdoor as well as oOh!media’s takeover of Adshel – a decision welcomed by oOh!media.
In a statement, oOh!media confirmed the ACCC decision: “Today we welcome the decision that it will not oppose oOh!media’s acquisition of 100% of the share capital in Adshel from HT&E Limited,” said Sydney-based oOh!media ceo Brendon Cook.
“The acquisition was an important turning point for the Australian and NZ out-of-home industry’s competitiveness in the ANZ media market,” Cook said.
The decision by the ACCC means that oOh! will now commence work on finalising the transaction with HT&E, which will see the Adshel in both Australia and New Zealand brought under the oOh!media brand.
Cook said the deal presented an exciting opportunity for oOh!, which has significantly grown its New Zealand business in recent years and now has a strong offering in 11 of the country’s key media markets.
“The addition of the market leading Adshel business to our leading Retail business in New Zealand will create an exciting new company powered by great people from the two businesses and provide advertisers with a diverse product offering that is complementary with each other,” Mr Cook said.
“For oOh!media, the acquisition of Adshel will add a missing piece to our diverse out of home portfolio, by adding a national street furniture and transit offering,” he said.
“Through this acquisition, we will deliver better service to our advertisers and at the same time fast-track innovation in our product offering therefore providing us with exciting opportunities for the business and its growth.
“The digitisation opportunity in the Adshel business should provide a significant avenue for growth”
“The digitisation opportunity in the Adshel business is expected to provide a significant avenue for further growth beyond what has been achieved to date,” he said.
In May, oOh!media made a play for Adshel, with an A$470 million bid for the company.
The move sent oOh!media and rival APN Outdoor into a bidding war over Adshel, until oOh!media finally won out in June with an A$570 offer.
APN Outdoor also on board
B&T Australia reported that APN Outdoor also confirmed ACCC’s clearance of JCDecaux’s acquisition with a statement which read: “APN Outdoor refers to the ACCC decision today to clear the proposed acquisition of APN Outdoor by JCDecaux via a scheme arrangement.
“APN Outdoor’s board of directors unanimously recommend that APN Outdoor shareholders vote in favour of the scheme in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of APN Outdoor shareholders.”
APN Outdoor ceo/MD James Warburton, said: “We are very pleased to acknowledge the announcement by the ACCC this morning clearing the JCDecaux transaction.
“This means one of the key conditions to the highly attractive acquisition of APN Outdoor at a total cash consideration of $6.70 a share has now been cleared. We expect FIRB and OIO approval to follow ahead of a shareholder vote in October and implementation before the end of the year.”
The JCDecaux deal
JCDecaux reached a $1.2 billion deal for APN Outdoor in June, while rumours of a potential acquisition began circulating following a trading halt from APN Outdoor the day prior.
Share this Post
