By: M4G Bureau
Last updated : May 04, 2022 10:45 am
Atoll Bidco, a unit of private investment company Atairos, which already owns 37.9% of UK’s Ocean Outdoor, is now buying out the remaining shares in the DOOH company.
Atoll Bidco, a unit of private investment company Atairos, which already owns 37.9% of UK’s Ocean Outdoor, is now buying out the remaining shares that it does not own in the company in a deal that valued Ocean Outdoor at about $580 million. The DOOH major is a London-listed company.
Ocean Outdoor posted a revenue of £124.4 million for 2021, up from £86.2 million, while its pre-tax losses were slashed from £156.4 million to £30.3 million. CEO Tim Bleakley was quoted by BusinessLive as saying: “We ended 2021 with all our territories open and capitalising on the surge in advertising spend, which culminated in a record Q4 performance for the group.
"Over the past three years, the group has transformed from a UK focused player into one of the most advanced DOOH operators in northern Europe, covering seven countries.”