Shareholders in outdoor advertising company oOh!media have overwhelmingly approved its acquisition by infrastructure investor I Squared Capital, clearing one of the last hurdles for the deal.

The vote

At the scheme meeting on Monday 2 November, 99.89% of votes cast were in favour of the scheme resolution, with 273,040,211 votes for and 292,222 against. By number, 90.53% of shareholders present and voting supported it, comfortably clearing both thresholds required for a scheme of arrangement.

The deal

Under the binding agreement announced on 10 August, an entity owned by funds managed or advised by I Squared will acquire all oOh!media shares for $1.68 cash each, on top of a 2-cent interim dividend, for total consideration of $1.70. oOh!media said that implied an equity value of about $898 million and an enterprise value of $1.04 billion, and a 100% premium to the undisturbed share price of $0.85 on 28 April, before the first approach was announced. Shareholders are also set to benefit from the release of franking credits: oOh!media said on Monday that, once the scheme is effective, the board will determine to pay a $0.10 a share Permitted Dividend before the record date, subject to conditions, with the $1.68 cash payment reduced by the same amount.

“After a comprehensive and competitive process, the Board is pleased to have reached a binding agreement with I Squared Capital, at an attractive price,” chair Philippa Kelly said at the time.

What is left

Approval from the Foreign Investment Review Board is still outstanding. On 30 October, oOh!media said FIRB had granted an extension to the statutory decision period to 13 November, and that I Squared had “no reason to believe that FIRB approval will not be forthcoming or will be materially delayed”. As a result, the second court hearing has been pushed back from 4 November to 18 November.

  • Second court date: Wednesday 18 November.
  • Effective date and suspension from trading: Thursday 19 November.
  • Record date: Thursday 3 December.
  • Implementation: Thursday 10 December.

The timetable is indicative and subject to change. If completed, the deal will take one of Australia’s leading out-of-home media companies off the ASX and into the hands of an infrastructure investor.

Sources: oOh!media ASX announcements (10 August 2026, 30 October 2026 and 2 November 2026).