APN Outdoor has boosted its stake in the Queensland and Victorian outdoor markets, after an agreement to acquire out of home (OOH) players Metrospace and iOM.
The separate deals will total more than $32 million if they go forward, with APN to pay between $16.3 million and $19.5 million for Metrospace and $16 million for iOM.
Both transactions will be funded from existing facilities, but APN Outdoor told the market it is looking to increase its debt facilities by up to $20 million as a result of accelerating its digital rollout programme and a review of acquisition opportunities.
APN Outdoor CEO Richard Herring says the company is “pleased to consolidate our position” in both Queensland and Victoria.
“The Metrospace outdoor assets comprise an excellent portfolio of sites that not only strengthens our position in Brisbane and the wider state, but presents immediate high quality digitisation opportunities,” Herring says.
“Similarly, the iOM portfolio is a significant addition to our existing Victorian assets and contains recently developed digital sites as well as further exciting digital opportunities.”
It follows a number of shifts in the OOH space including the acquisition of youth media publisher Junkee by Ooh!Media and VMO's purchase of Active Media Group.
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