I Squared Capital agreed to acquire oOh!media in a $733m deal, valuing the out-of-home advertising operator at A$733m on an enterprise basis and A$631m on equity. Shareholders will receive A$1.70 per share in cash, with completion expected in Q4 2026. The transaction reflects a 100% premium, capitalizing on the company’s market leadership and long-term assets.

oOh!media operates 30,000+ digital and static assets across Australia and New Zealand, including billboards, transit networks, and retail spaces. Harsh Agrawal, Senior Partner at I Squared, emphasized the strategic fit: "The company’s infrastructure platform aligns with our investment focus." The deal strengthens I Squared’s Australian presence, adding a consumer-facing asset to its industrial portfolio.

The 100% premium highlights market undervaluation, as public shares traded near five-year lows. Private buyers like I Squared used longer cash flow assumptions. Philippa Kelly, oOh!media’s chair, praised the competitive process. This move offers shareholders immediate liquidity and positions I Squared as a key player in Australia’s infrastructure sector.