Thomson Geer’s Sydney Corporate team, led by Partner Gaynor Tracey, has acted for diversified location based media company oOh!media Limited on its recent acquisition of leading digital Out of Home media operator in CBD office and car park environments, Executive Channel International Pty Ltd (ECN). This move consolidates oOh’s market leading position in the highly valuable CBD office segment, enhancing its position as Australia’s largest reaching digital sign network.
oOh!media is a leading operator in Australia and New Zealand’s fast-growing Out Of Home advertising industry. ECN operates a leading network of digital displays in CBD office towers and car park environments across Australia, with installations in over 280 different venues delivering real time content and advertising.
This acquisition will further expand oOh!’s inventory, bringing the number of buildings under its management to 630, and creating a combined network of more than 3,500 displays reaching a premium business audience of over 1.8 million per week.
To raise capital to partially fund the acquisition, oOh! undertook a fully underwritten placement to eligible institutional investors of approximately 12.6 million fully paid ordinary shares. In addition, a share purchase plan will be undertaken to allow all eligible shareholders the opportunity to purchase additional shares in oOh!.