APN Outdoor buys Metrospace, iOM assets
Both Metrospace and iOM previously had representation agreements with oOh!media
APN Outdoor has acquired the outdoor advertising assets of Metrospace Advertising and iOM.
Metrospace is an independent operator in Queensland with a portfolio of 100 panels offering many digital convergence opportunities, noted APN Outdoor. The business is changing hands for between $16.3m and $19.5m depending on site specific conditions. The annualised revenue opportunity at Metrospace is in excess of $6m.
iOM is based in Victoria and offers a mix of 130 static and digital billboards, and also offers digital convergence opportunities.
APN Outdoor is spending $16m plus iOM cash at completion expected to be in the range of $3m. The annualised revenue opportunity at iOM is around $7m. Both Metrospace and iOM previously had representation agreements with oOh!media.
APN Outdoor CEO Richard Herring commented: "The Metrospace outdoor assets compromise an excellent portfolio of sites that not only strengthens our position in Brisbane and the wider state, but presents immediate high quality digitisation opportunities.
"Similarly, the iOM portfolio is a significant addition to our existing Victoria assets and contains recently developed digital sites as well as further exciting digital opportunities."
