CHAMP-backed oOh!Media targets more acquisitions

oOh!media agreed to pay A$113 million ($117 million) for Eye Corp, Ten's outdoor advertising business, after it downsized its original offer of A$145 million to A$110 million. This came a week after the company had announced it would not proceed with the deal because agreed acquisition price of A$145 million was too high in the light of the Eye's poor financial performance.

"Once Eye is under control and we've integrated the two businesses we will look at making further acquisitions big or small," Darren Smorgon, director of Champ Private Equity, told The Australian."We will look opportunistically at Asia but Australia and New Zealand remains the core focus."

Outdoor Media Operations (OMO), oOh!media's parent company, was bought by CHAMP late last year. For the past decade or so private equity firms have been eyeing opportunities in Australia's outdoor advertising industry. oOh!Media's main rival APN Outdoor is also backed by private equity, having formed a joint venture with Quadrant Private Equity in February worth A$272 million ($289 million).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Media
• GPs
• Australia
• Media
• CHAMP Private Equity