I Squared Capital to acquire oOh!media in A$898 million deal

I Squared Capital (“I Squared”), a leading independent global infrastructure investor, today announced that it has entered into a Scheme Implementation Agreement with oOh!media Limited (ASX: OML) to acquire all of its issued shares by way of a scheme of arrangement. 

Under the transaction, oOh!media shareholders will receive A$1.70/share1 in cash for each oOh!media share held, implying an equity value of approximately A$898 million (US$631 million) and an enterprise value of approximately A$1.04 billion (US$733 million). The consideration represents a premium of approximately 100% to oOh!media’s undisturbed closing share price of A$0.85/share on 28 April 2026. 

Headquartered in Sydney, 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. 

The acquisition reflects I Squared’s strategy of investing in scaled network businesses with established revenue bases, durable competitive advantages, and long-term growth potential. 

Harsh Agrawal, Senior Partner at I Squared Capital, commented, “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 digitalization of the network and create long-term value for customers, communities and our investors.” 

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 CEO James Taylor and our experienced leadership team.”