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UPDATE 1-oOh!media Limited emerges winner for HT&E's Adshel

Published 2018-06-24, 08:08 p/m
UPDATE 1-oOh!media Limited emerges winner for HT&E's Adshel

June 25 (Reuters) - Media company HT&E Limited HT1.AX said on Monday it will sell its out of home business Adshel to oOh!media Limited OML.AX at implied enterprise value of A$570 million ($424.02 million).

HT&E said oOh!media Limited will buy its bus stop advertising business, ending a heated bidding war between Australian billboard firm APN Outdoor Group APO.AX and oOh!Media which requested a trading halt said it will raise about A$329.9 million via rights issue and has arranged for new debt facilities of A$450 million to fund the acquisition.

oOh!media said it expects the acquisition to be low double digit earnings per share accretive for the 2018 calendar year.

HT&E's drawn debt at May 31 was about A$195 million and the firm said net proceeds from the sale will be used to pay-down existing debt.

APN, Ooh!Media rank first and second in the A$900 million billboards and outdoor advertising market in Australia, according to research firm IBISWorld. HT&E ranks fourth. = 1.3443 Australian dollars)

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