I Squared Capital, a US-based infrastructure investment firm, has agreed to buy oOh!media, a Sydney-based outdoor advertising company, for an equity value of A$898 million (US$634 million), ending a months-long takeover contest.

I Squared will pay A$1.70 (US$1.20) per share in cash.

The offer implies an enterprise value of about A$1.04 billion (US$732 million) and is 6.9% above oOh!media’s Friday closing price.

OOh!media’s board unanimously backed the deal and said it expects to declare and pay a fully franked special dividend of about A$0.10 (US$0.07) per share.

The transaction is expected to close in late November or early December, subject to shareholder approval.

The sale follows a competitive process in which bids had risen to A$845 million (US$595 million) by June.

In July, I Squared, Pacific Equity Partners, and Oaktree Capital Management pitched A$1.60 (US$1.1) to A$1.65 (US$1.2) a share. Bain Capital was also involved earlier.

OOh!media operates more than 30,000 ad sites across Australia and New Zealand.

I Squared Capital manages more than US$60 billion in assets.

🔗 Source: Bloomberg