oOh!media has acquired Here, There & Everywhere-owned Adshel for $570 million.
The move follows a bidding war between oOh!media and APN Outdoor for the outdoor street furniture business.
In April, Here, There & Everywhere (HT&E) received a revised offer of $470 million from oOh!media for Adshel, however, HT&E claimed it wasn’t the “most attractive” one on the table.
“HT&E had offered to engage with [oOh!media] to enable it to more appropriately value Adshel so as to improve their price, including by providing further due diligence financial information subject to execution of a confidentiality agreement and on a non-executive basis,” the statement read.
At the exact same time, APN Outdoor released a statement on the ASX saying it had also submitted an offer for Adshel worth $500 million.
APN Outdoor then offered $540 million for Adshel late last week, hours after APN Outdoor had itself been bid on by global outdoor company JCDecaux.
A formal ASX release will be posted online tomorrow (Monday) morning.
It is likely Adshel will be absorbed into oOh!media, leaving HT&E with only radio assets.
More to come.