JCDecaux buys APN for $1.12bn

Acquisition comes a day after oOh!Media confirms $570m successful bid for out-of-home advertising supplier, Adshel

Just a day after oOh!Media confirmed its acquisition of out-of-home advertising player, Adshel, for $570 million, JCDecaux has announced it will acquire ASX-listed APN Outdoor Group in a deal worth $1.12 billion.

JCDecaux’s revealed its intentions to acquire APN last week, announcing an unsolicited $1.09 billion bid for 100 per cent ownership of the OOH business, based on a purchase price of $6.52 per share. Today’s offer sees this increased to $6.70 per share, a FY18 multiple of 12.9.

The purchase is subject to several conditions including approval from the ACCC, Australia’s Foreign Investment Review Board and the New Zealand Overseas Investment Office.

APN appeared to demonstrate initial reluctance to take up JCDecaux’s offer last week, instead choosing to up its own multi-million dollar bid for Adshel to $540 million. APN previously offered $500 million for the business on 22 May.

Upon oOh! announcing its successful bid for Adshel, APN called a trading halt on the ASX pending its own M&A news.

In a statement today, APN Outdoor chairman, Doug Flynn, said the JCDecaux scheme is an attractive, all-cash transaction being unanimously supported by the board of directors and makes for a compelling proposition for shareholders. The company hopes to close the deal in Q4.

“The recommended acquisition of APN Outdoor by JCDecaux represents an excellent outcome for our shareholders, staff and partners,” APN CEO and MD, James Warburton, continued.

“JCDecaux’s proposal is testament to the position APN Outdoor holds in the Australia and New Zealand media sectors and our recent strong performance, winning and retaining key new contracts.”

JCDecaux operates more than 1 million OOH panels across 80 countries and has 13,000 employees and revenues of EU3.5billion. APN meanwhile, has more than 40,000 OOH touchpoints across A/NZ.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu   

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

Conversations over a cuppa with CMO: The Star's George Hughes

It's been an incredibly tough three months for the Star as it shut its doors and stood down staff in response to the COVID-19 lockdown. Yet innovation has shone through, and if the CMO, George Hughes, has anything to say about it, such lateral thinking will continue as we start to recover from the crisis.

More Videos

I am 56 years old and was diagnosed with Parkinson's disease after four years of decreasing mobility to the point of having family dress ...

Nancy Tunick

Parkinson's NSW creates a lorem ipsum generator and goes digital to mark Parkinson's Awareness month

Read more

We would like to invite you to the Virtual Exhibition about IoT Trends in 2020, 7 - 9 July, organised by Must.We developed a new B2B matc...

hayfa

Want to master digital transformation? Stop thinking about your own problems

Read more

We have been trying to help our clients through this time. I think the important thing is clear communication! We also created some check...

Erin Payne

Is COVID-19 the right time for a positive marketing campaign?

Read more

Very good article Sagar. Congrats! It's exactly what we are doing at Dafiti and it's very important have you close to us into this journey.

Roosevelt Junior

Making Your Organisation Data-Driven [MYOD] - Data-driven marketing - CMO Australia

Read more

Corporates should be innovating to stay relevant and disrupt the market and collaborating with startups is easily the best way to go for ...

Diana

How your company can innovate its way through the COVID-19 crisis

Read more

Blog Posts

Business quiet? Now is the time to review your owned assets

For businesses and advertiser categories currently experiencing a slowdown in consumer activity, now is the optimal time to get started on projects that have been of high importance, but low urgency.

Olia Krivtchoun

CX discipline leader, Spark Foundry

Bottoms up: Lockdown lessons for an inverted marketing world

The effects of the coronavirus slammed the brakes on retail sales in pubs, clubs and restaurants. Fever-Tree’s Australia GM Andy Gaunt explains what they have learnt from some tricky months of trading

Andy Gaunt

General manager, Fever-Tree Australia and New Zealand

Younger demos thought lost are now found: But what about the missing money?

There is much talk about what VOZ will bring to the media industry. New ways to slice and dice audiences and segments. A clearer understanding of screen consumption. Even new ways to plan and buy. The most interesting result could be finding something many thought we lost - younger viewers, specifically the valuable 18-39s.

Michael Stanford

Head of 10 Imagine and national creative director, Network 10

Sign in