I Squared Capital has agreed to acquire OohMedia, an Australian out-of-home advertising company, in a $631m deal. The offer represents a 100% premium to OohMedia’s share price before the announcement. Under the agreement, shareholders will receive A$1.70 per share, valuing the company at A$898 million. The deal follows I Squared’s focus on scaled network infrastructure with durable revenue and long-term growth potential.

Headquartered in Sydney, OohMedia operates over 30,000 advertising assets across Australia and New Zealand, including billboards, transit, and airport displays. The company’s scale and premium locations reinforce its market leadership. The acquisition aligns with I Squared’s strategy of investing in businesses with established revenue and competitive advantages.

I Squared, a global infrastructure investor, has expanded into Australia since 2022, targeting sectors like energy and transport. The transaction requires shareholder, court, and regulatory approvals, with a projected closing date in Q4 2026. Harsh Agrawal, a senior partner at I Squared, emphasized the strategic fit of OohMedia’s assets.

The deal underscores I Squared’s commitment to infrastructure platforms. With White & Case and JP Morgan advising, the acquisition highlights the growing demand for digital out-of-home advertising networks.