oOh!media (ASX:OML) has announced the successful completion of its institutional entitlement offer.
The out of home advertising company is raising capital to fund the $570 million acquisition of Adshel, which was announced on Monday.
The company says the institutional component of its capital raising had strong support with a take-up of around 82 per cent raising gross proceeds of around $290 million.
The retail component of the capital raising is expected to open this Friday the 29th of June.
The entitlement offer is fully underwritten and is expected to raise around $330 million.
Shares in oOh!media (ASX:OML) are currently down 3.96 per cent to $4.92