APN agrees to exit advertising JV to Quadrant
APN News & Media has agreed to exit its interest in advertising business APN Outdoor to joint venture partner Quadrant Private Equity for A$69 million ($66.5 million).
The two groups entered into exclusive negotiations in October and have now signed long-form legal documentation. The transaction is expected to close in January, pending regulatory approval, APN said in a regulatory filing.
APN Outdoor has been run as a joint venture between APN and Quadrant since May last year when the Sydney-based PE firm bought a controlling stake for A$174.2 million in February 2012. At the time, the venture was valued at A$272 million.
The joint venture includes APN's outdoor advertising business in Australia and New Zealand, which manages over 50,000 panels, with formats ranging from digital and static roadside billboards to transit, rail and airport advertising. It also includes a 50% stake in Indonesia-based Rainbow Premium Outdoor.
In a release, APN said the transaction would assist in streamlining APN and provide increased flexibility around its existing assets. APN maintains its exposure to the Asian market through a 50% stake in Hong Kong Outdoor.
The deal with Quadrant strengthens the private equity hold on Australia's outdoor advertising market, with Champ Private Equity having acquired oOh!media in 2011 in a $163 million deal.
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