ACCC green lights I Squared takeover of oOh!media

The competition commission of Australia has given the go-ahead for I Squared Capital to acquire ASX-listed oOh!media.

The transaction still requires regulatory approvals from the Australian Foreign Investment Review Board (FIRB) and the NZ Overseas Investment Office (OIO).

The board of oOh!media continues to unanimously recommend shareholders vote in favour of the deal, in the absence of a superior proposal.

I Squared Capital will pay up to $1.70 in cash for every oOh!media share, with an implied value for the company of $898 million.

The global infrastructure investor beat Pacific Equity Partners (PEP) and Oaktree Capital Management in a bidding war to become the new owner of oOh!media.

PEP offered to pay $1.40 per share in April. Two months later, the three bidders all upped their offers in the realm of $1.60 per share. Bain Capital at one point was also in the running but did not proceed to the next round of bidding.

Based in Sydney, oOh!media operates in Australia and New Zealand, advertising across roadside billboards, street furniture, rail and transit networks, airports, retail environments, and other public spaces.

I Squared Capital senior partner Harsh Agrawal said: "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."

oOh!media chair Philippa Kelly said after a comprehensive and competitive process, the board is pleased to have reached a binding agreement with I Squared.

"I Squared's focus on optimising the full value of the network aligns with the strategy of our chief executive James Taylor and our experienced leadership team," Kelly said.

I Squared Capital is a global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets.