After months of competing bids, US infrastructure investor I Squared Capital has secured Australian out-of-home operator oOh!Media. The firm is also rumored to be eyeing a stake in Germany's Ströer.
Australia: I Squared Capital Wins Bidding War for oOh!Media
US infrastructure investor I Squared Capital is acquiring Australian out-of-home operator oOh!Media. The company’s board unanimously recommended the offer. It values OOH Media at A$1.70 per share, or roughly US$630 million in equity value. I Squared is also considered a potential buyer for the out-of-home division of Ströer, Germany’s leading OoH company.
The final offer beats I Squared’s initial, non-binding bid from April by 30 Australian cents per share. It represents a roughly 100 percent premium over oOh!Media’s undisturbed closing price on April 28, 2026. The valuation tops the A$850 million media company Nine paid for rival QMS earlier this year.
oOh!Media operates more than 30,000 digital and static advertising assets across Australia and New Zealand, spanning roadside screens, train stations, and airports. Harsh Agrawal, Senior Partner at I Squared Capital, called OOH Media exactly the type of infrastructure platform the firm looks to invest in.
Expected closing in Q4
The deal still needs approval from shareholders and regulators in Australia and New Zealand. I Squared expects to close the transaction in the fourth quarter of 2026. The firm manages more than US$60 billion in assets. According to media reports, I Squared Capital has repeatedly positioned itself as a potential buyer for Ströer’s out-of-home business, most recently alongside investor InfraVia Capital Partners.