I Squared Capital agrees to buy Australia's oOh!media for $634 million

Infrastructure-focused investor I Squared Capital has agreed to acquire Australian out-of-home advertising company oOh!media in a deal valuing the business at about $634 million. oOh!media operates billboard, transit, retail and airport advertising assets across Australia and New Zealand. The sector has drawn private capital interest for its concession-like contracts with landlords and transport authorities, characteristics that overlap with traditional infrastructure investing. The transaction remains subject to customary approvals.