The ACCC has cleared both the JCDecaux acquisition of APN Outdoor as well as oOh!media’s takeover of Adshel.
In a statement, oOh!media confirmed ACCC’s decision, stating: “Today we welcome the Australian Competition and Consumer Commission’s (ACCC) decision that it will not oppose oOh!media’s acquisition of 100 per cent of the share capital in Adshel from HT&E Limited.”
oOh!media CEO, Brendon Cook, said the acquisition was an important turning point for the Australian out of home industry’s competitiveness in the Australian media market.
“For oOh!media, the acquisition of Adshel will add a missing piece to our diverse out of home portfolio, by adding a national street furniture and transit offering,” Cook said.
“Adshel is an excellent business with great people and provides a massive audience reach through what we see as a great street furniture offering, plus its rail network in Sydney and Melbourne delivers the CBD audience, an area we know has real value to advertisers.
“Through this acquisition, we will deliver better service to our advertisers and at the same time fast-track innovation in our product offering therefore providing us with exciting opportunities for the business and its growth.
“The digitisation opportunity in the Adshel business is expected to provide a significant avenue for further growth beyond what has been achieved to date,” he said.
In May, oOh!media made a play for Adshel, with a $470 million bid for the company.
Meanwhile, APN Outdoor confirmed ACCC’s clearance of JCDecaux’s acquisition with a statement which read: “APN Outdoor refers to the ACCC decision today to clear the proposed acquisition of APN Outdoor by JCDecaux via a scheme arrangement.
“APN Outdoor’s board of directors unanimously recommend that APN Outdoor shareholders vote in favour of the scheme in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of APN Outdoor shareholders.”
APN Outdoor CEO and managing director, James Warburton, said: “We are very pleased to acknowledge the announcement by the ACCC this morning clearing the JCDecaux transaction. This means one of the key conditions to the highly attractive acquisition of APN Outdoor at a total cash consideration of $6.70 a share has now been cleared. We expect FIRB and OIO approval to follow ahead of a shareholder vote in October and implementation before the end of the year.”