Outdoor media group QMS has completed its merger with New Zealand out-of-home, digital media and production business MediaWorks.
The deal, announced late last year, gives QMS a 40% interest in the combined New Zealand business, with funds managed by Oaktree Capital Management holding a majority 60%.
QMS will hold two seats on the five member board. QMS is receiving a capital return of $38 million which will be used to repay part of the company’s banking facility.
”The merged QMS NZ and MediaWorks business will be the first in market to realise the combined power of out-of-home, radio, TV and digital as an unrivalled destination for advertisers to build brands and maximise audience reach," says QMS chief executive Barclay Nettlefold.
"The merger will deliver compelling value for advertisers and maximise cross-platform revenue synergies for the business.
“For QMS, the merged business remains a substantial ongoing investment in the New Zealand market where the combined capabilities of QMS NZ and MediaWorks can build on their existing market positions to drive future revenue growth."
QMS was advised by CLSA and Chapman Tripp. MediaWorks had UBS and MinterEllisonRuddWatts.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at email@example.com