Here, There & Everywhere (HT&E) has confirmed it has completed the sale of Adshel to oOh!media for the price of $570 million.
As part of the sale, HT&E is offering shareholders a special dividend of 72 cents per share.
Adshel will now be folded into oOh!media, leaving HT&E with radio assets.
oOh!media acquired Here, There & Everywhere-owned Adshel for $570 million in late June.
The acquisition followed 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.
At the time of purchase, oOh!media CEO Brendon Cook said in a statement: “oOh!media has a history of developing a diverse product portfolio to offer advertisers a range of audiences.
“Adshel is complementary to our existing portfolio and we are excited to be entering the new segments of the street furniture and rail.
“The digitisation opportunity in the Adshel business is expected to provide a significant avenue for further growth beyond what has been achieved to date,
“We are confident the oOh! shareholders will enjoy the benefit of cost synergies arising from the acquisition.”
oOh!media will be acquiring more than 21,000 poster faces and 800 screens across Adshel’s Australian-New Zealand network.
In March, Adshel extended its Sydney Trains contract, which was due to expire at the end of 2018, for multiple years.