French multinational JCDecaux will acquire APN Outdoor for $1.2 billion.
The business had been eyeing the Australian company for some time, stating that APN would be complementary to its existing out of home media assets in Australia, which are primarily in the street furniture segment.
Shares in APN were placed in a trading halt on Monday while the deal was finalised.
“The JCDecaux scheme is an attractive, all-cash transaction,” APN Outdoor chairman Doug Flynn says.
“The APN Outdoor board has unanimously concluded that the scheme represents a compelling transaction for APN Outdoor shareholders.”
APN Outdoor CEO and managing director, James Warburton, says the recommended acquisition represents an excellent outcome for shareholders, staff and partners.
“JCDecaux's proposal is testament to the position APN Outdoor holds in the Australian and New Zealand media sectors and our recent strong performance, winning and retaining key new contracts," Warburton says.
“JCDecaux is a leading global out-of-home company, with more than one million advertising panels in more than 80 countries, more than 13,000 employees and 2017 revenue of €3,493 million.”
This is the latest move in a busy time for the OOH sector. Yesterday, Ooh!Media entered a trading halt following a binding agreement to acquire HT&E-owned street furnjiture business Adshel for $570 million.
APN had earlier made a play for the company, offering $540 million.
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