oOh!media (ASX:OML) has entered into a binding agreement to purchase outdoor media business Adshel from HT&E for $570 million.
The out of home advertising company will fund the purchase via a combination of $450 million new debt and a capital raising.
The successful bid from oOh!media ends months of fierce bidding for the Adshel business between oOh!media and its rival, APN Outdoor Group.
Last week oOh!media upped its bid for Adshel to $540 million besting APN’s $500 million play for the company in May.
Adshel is a major provider of posters and digital advertising on street furniture across Australia and New Zealand.
Shares in oOh!Media (ASX:OML) are currently in a trading halt and last traded at $5.35.