I Squared Capital has acquired oOh!media in a deal valued at $1.0 billion, taking the Australian out-of-home advertising company private. The transaction, which has been approved by the oOh! board, will see the ASX-listed firm delisted from the exchange following completion.
oOh!media operates the largest out-of-home network in Australia and New Zealand, with over 30,000 digital and classic assets. The company’s inventory reaches more than 99% of metro Australians and 84% of regional Australians every 28 days. In its 2025 fiscal year, oOh! reported annual revenues of $691 million and employs over 700 staff. Founded in 1989, the business has grown from a small operator into the market leader in its region, focusing on innovation, data-driven campaign delivery, and community-oriented asset placement.
For I Squared Capital, a global infrastructure investment manager, the acquisition represents a move into the advertising infrastructure sector. The firm’s strategy typically centers on long-term investments in essential services and assets with stable cash flows. oOh! fits that profile given its extensive physical network, recurring revenue base, and dominant position in a duopolistic market alongside its main competitor. The purchase price implies a premium to oOh!’s recent trading levels, reflecting the strategic value of its roadside, transit, and retail media footprint.
The acquisition is expected to provide oOh! with greater operational flexibility as a private company, allowing management to pursue longer-term capital projects without the quarterly reporting constraints of public markets. I Squared Capital’s infrastructure expertise could also support upgrades to oOh!’s digital asset base and expansion of its data analytics capabilities. For advertisers, the change in ownership is unlikely to alter the company’s core service offering, which remains focused on connecting brands with audiences at scale across public spaces.
The deal is subject to regulatory approvals and shareholder votes, with completion anticipated in the coming months. Once finalized, oOh! will continue to operate under its existing brand and leadership team, with I Squared Capital providing financial backing for growth initiatives. The combined focus will be on maintaining market leadership while modernizing the network to meet evolving audience measurement standards.