MinterEllison acts on $570m acquisition

The deal was complicated by several issues

MinterEllison acts on $570m acquisition

MinterEllison is acting on a $570m acquisition in the advertising sector.

The firm is the legal counsel of oOh!Media Limited (OML) on its acquisition of Adshel from HT&E Limited (HT&E) and on OML’s associated capital raising.

The MinterEllison team is led by M&A partners Con Boulougouris and Chris Allen. Partners Daniel Scotti (capital raising), Paul Schoff (competition and regulatory), Anthony Lloyd (technology) and Michael Gajic (M&A) are also providing expert advice. The team also includes partner Nick Kipriotis, senior associates Joseph Lam and Nicole Sloggett, and lawyer Shaun Chung.

Adshel is a leading provider of advertising on street furniture in Australia and New Zealand, with more than 21,000 poster sites and 800 screens in Australasia. OML is one of the Australia’s largest out-of-home media companies, with a portfolio of roadside, retail, and airport sites.

MinterEllison advised OML on its winning bid in the competitive sales process. “This involved the provision of time-critical and high-stakes strategic advice to OML's board in relation to the sales process,” the firm said.

The sale process was further complicated by a competing bid, which itself was subject to a takeover offer.

MinterEllison also advised on OML’s fully underwritten accelerated non-renounceable entitlement offer to raise about $330m to fund the acquisition.

The firm is now advising OML on securing necessary approvals, including clearance from the Australian Competition and Consumer Commission, which is expected to be granted this year.

“We are enjoying working with the OML team and their other advisors. Together we have worked well to resolve a number of complexities and look forward to assisting OML reach a successful completion of this transaction,”


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