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JCDecaux announces deal to buy Australia’s APN Outdoor

Jean-Charles Decaux said the acquisition was a "significant milestone" in the company's history
AFP

Paris (AFP) – French advertising giant JCDecaux said Tuesday it has reached a deal to acquire Australia’s APN Outdoor, a leader in the billboard publicity market, for 714 million euros ($835 million).

Under the terms of the agreement, JCDecaux will pay Aus$6.70 (4.24 euros, $4.96) in cash for each APN Outdoor share, up from Aus$6.52 in its previous offer on June 20.

“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,” Jean-Charles Decaux, Co-Chief Executive Officer, said in a statement.

“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.”

He said the company is also “delighted to enter New Zealand, a fast-growing market.”

JCDecaux, which offers advertising space on billboards, bus stops and trains around the world, said it entered the Australian market before the Sydney Olympic Games in 2000.

Through a subsidiary, it also operates bicycle rental services in cities around the world.

APN Outdoor in 2017 posted an annual turnover of Aus$342.9 million, a four percent rise on 2016.

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