JCDecaux announces deal to buy Australia's APN Outdoor
French advertising giant JCDecaux said Tuesday it has reached a deal to acquire Australia's APN Outdoor, a leader in the billboard publicity market, for 714 million euros ($835 million).
Under the terms of the agreement, JCDecaux will pay Aus$6.70 (4.24 euros, $4.96) in cash for each APN Outdoor share, up from Aus$6.52 in its previous offer on June 20.
"This acquisition is a significant milestone in JCDecaux's history in Australia, which is the 7th largest advertising market worldwide, where we have been growing organically since 2000," Jean-Charles Decaux, Co-Chief Executive Officer, said in a statement.
"APN Outdoor is very complementary to our existing street furniture assets and through this acquisition, JCDecaux will be attractively positioned to provide a compelling proposition to compete more effectively in the Australian media market."
He said the company is also "delighted to enter New Zealand, a fast-growing market."
JCDecaux, which offers advertising space on billboards, bus stops and trains around the world, said it entered the Australian market before the Sydney Olympic Games in 2000.
Through a subsidiary, it also operates bicycle rental services in cities around the world.
APN Outdoor in 2017 posted an annual turnover of Aus$342.9 million, a four percent rise on 2016.