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ASX media company buys corporate advertising business

ASX media company buys corporate advertising business

Gaynor Tracey

Diversified media company oOh!media Limited has been advised on its acquisition of a large Australian corporate advertising business and associated capital raising.

Firms: Thomson Geer (oOh!media); Arnold Bloch Leibler (Executive Channel Network)

Deal: oOh!media Limited has acquired the Australian operations of Executive Channel Network.

As part of the transaction, it has undertaken a fully underwritten placement to investors of approximately 12.6 million fully paid ordinary shares to raise $60 million to partially fund the ECN acquisition.

Value: $68.5 million

Area: M&A, capital raising

Key players: The team advising oOh!media was led by Thomson Geer partner Gaynor Tracey (pictured), with assistance from partner Josh Simons, senior associates Madeleine Kulakauskas and Venks Ananthakrishnan and lawyer Eunice Leung.

The team advising ECN was led by Arnold Bloch Leibler partner Paul Rubenstein, with assistance from senior associate Jeremy Lanzer and law graduate Kelly Seo.

Deal significance: oOh!media is an operator in Australia and New Zealand's out-of-home media and advertising industry.

Executive Channel Network (ECN) operates a network of digital displays in CBD office towers and car park environments across Australia, with installations in over 280 different venues delivering real-time content and advertising.

The acquisition of ECN by oOh!media will further expand oOh!media’s inventory, bringing the number of buildings under its management to 630 and creating a combined network of more than 3,500 displays, reaching an audience of over 1.8 million per week.

oOh!media raised $60 million to partially fund the acquisition, undertaking a fully underwritten placement to institutional investors of approximately 12.6 million fully paid ordinary shares.

In addition, a share purchase plan will be undertaken to allow all eligible shareholders the opportunity to purchase up to $15,000 of new shares in oOh!media.

Kate Eastoe, general counsel of oOh!media, said: “Thomson Geer approached this acquisition with a great balance of technical capability and commercial practicality. The team acted as a single unit across the corporate, M&A and competition aspects, a credit to themselves and the firm.”

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