I Squared acquires oOh!media following bidding war

I Squared Capital beat Pacific Equity Partners (PEP) and Oaktree Capital Management to become the new owner of ASX-listed oOh!media.

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

This marks a substantial premium compared to oOh!media's share prices as at April 28.

PEP offered to pay $1.40 per share in April. Two months later, the three bidders all upped their bids 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! 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.

The transaction is expected to finalise later this year.

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

Founded in 2012, I Squared Capital currently manages more than $60 billion in assets.

The global infrastructure investor recently announced it entered into an agreement to acquire Cella, an Indonesian industrial logistics and cold storage platform from NWP Property. The financial terms of the transaction were not disclosed.

It also signed a memorandum of understanding with Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN) to invest in infrastructure opportunities globally, including in the Asia Pacific, Middle East and Europe.