Jean-François Decaux, Co-Chief Executive Officer of JCDecaux, said: '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. 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 where Out of Home accounts for 6% of advertising spend, of which almost 50% is digital. Finally, we are delighted to enter New Zealand, a fast-growing market.'
APN Outdoor is a leading Out-of-Home media company in Australia and New Zealand that primarily operates in the large format billboard segment, as well as in the transit, rail and airport segments, which complements JCDecaux's existing street furniture assets.
The offer price represents a:
- 18% premium to the 'undisturbed' closing price on June 19th, 2018 of A$5.68;
- 26% premium to the 3-month VWAP of A$5.32; and
- 34% premium to the 6-month VWAP of A$5.01.
Goldman Sachs and Herbert Smith Freehills are acting as JCDecaux's financial and legal advisors.
1 Based on the mid-point of APN Outdoor FY18 EBITDA guidance of A$94 million. EUR/AUD FX rate of 0.6383 as of June 20th, 2018.
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JCDecaux SA published this content on 26 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 June 2018 00:57:07 UTC