JCDecaux buys APN for $1.12bn

Acquisition comes a day after oOh!Media confirms $570 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

Blog Posts

5 things marketers need to do to get better in buy in when presenting

Presentations are a marketer’s best friend. They can be a concise, targeted and effective form of communication with the potential to make a real impact on your audience.

Emma Bannister

Founder and CEO, Presentation Studio

How to overcome negative habitual thinking

One of the greatest challenges facing senior leaders today is what’s going on in their own head.

Lisa Stephenson

Author, success coach, consultant

The purpose of purpose

Everyone knows the 4 P’s of marketing: Price, product, promotion and place. There is now a fifth ‘P’ in the marketing mix.

Thanks Nadia for sharing this blog. It has really useful and amazing information about Salesforce Commerce Cloud and digital engagement w...

Holly Smith

Adidas taps data and technology smarts to build personalised digital engagement with consumers

Read more

clearly someone who's jealous and only comments from the safety of being behind their keyboard

Peter Sibson

The purpose of purpose - Brand science - CMO Australia

Read more

haters gonna hate

David Bentley

The purpose of purpose - Brand science - CMO Australia

Read more

Social Media is platform where people get connected to each other from the world and share their views and thoughts on any product. Socia...

Tejas Potfode

6 Ways to ramp up Social Media to Your Web Design

Read more

We can't overlook mobile. Each passing day people are on their phones more and more

This Is My South Bay

What the 5G revolution will do to mobile marketing

Read more

Latest Podcast

More podcasts

Sign in