Mallesons has advised oOh!Media Limited (OML) on its acquisition by I Squared Capital by way of scheme of arrangement. OML is a leading Out of Home media company with an extensive network of digital and static asset locations across Australia and New Zealand.
The transaction implies an enterprise value of approximately $1.04 billion and follows a months-long competitive process, with competing offers from a number of well-credentialled private capital investors.
The total consideration of A$1.70 cash per share represents a 100% premium to OML’s undisturbed closing price prior to the competitive process.
The Mallesons deal team was led by M&A Partners David Eliakim and Mark Vanderneut alongside Senior Associates Jacob Carmody and Marc McCaughey.
Commenting on the deal, Mark Vanderneut said:
“OML successfully navigated a competitive bid environment from multiple bidders to secure a strong result for its shareholders. We are pleased to be advising OML on this process and through to implementation.
This transaction continues the trend of competitive public M&A auctions by private equity bidders and further demonstrates Mallesons’ expertise in this area after the successful Insignia Financial scheme earlier this year.”
