APN News & Media Ltd (ASX:APN)
currently owns 50% of Adshel, an out-of-home media company. Now, APN says it will obtain full ownership by acquiring the remaining 50% of Adshel for $268.4 million.
The company says this acquisition will be funded through a debt bridge facility. It will be repaid from proceeds of a fully underwritten Equity Raising of $273 million.
The media company also says this deal will provide Adshel with capacity certainty to pursue industry growth opportunities.
In addition, the company has announced it will also acquire digital media business, Conversant Media, for $11.6 million.
APN posted a net loss of $253.6 million at 30 June 2016.