JCDecaux SA said that the Australian Competition and Consumer Commission (ACCC) has announced its decision to grant clearance of JCDecaux’s acquisition of APN Outdoor Group Limited (APN Outdoor) (Proposed Transaction).
The Proposed Transaction remains subject to approval of APN Outdoor shareholders, the Federal Court of Australia, as well as regulatory approval from the Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office, and other customary conditions. It is now expected that the APN Outdoor scheme meeting and implementation of the transaction will occur before the end of the year.
APN Outdoor today also announced its financial results for the six-month period ending June 30th, 2018. APN Outdoor reported revenue growth of +4% at AUD$ 168.4m and EBITDA growth of +7% at AUD$ 39.7m. These trading results follow the recent announcement that APN Outdoor has successfully signed a new five-and-a-half-year agreement extending its existing contract with Sydney Airport covering advertising assets across all domestic and international terminals plus external billboards approaching and within the Sydney Airport precinct.
The Proposed Transaction is a significant milestone in JCDecaux’s history in Australia, which is the 7th largest advertising market worldwide. APN Outdoor is very complementary to JCDecaux’s existing Australian assets and the Proposed Transaction will strengthen JCDecaux in an attractive and growing outdoor advertising market where digital Out-of-Home represents nearly 50% of total outdoor advertising spend.