APN Outdoor Group Limited refers to its ASX announcement of 21 May 2018, media speculation and enquiries from the ASX in relation to a potential transaction involving the Adshel business, a division of HT&E Limited.
APO confirms that it has submitted a confidential, indicative and non-binding proposal to acquire 100% of Adshel in Australia and New Zealand at a headline enterprise value of $500 million.
As noted in yesterday’s ASX announcement, the Proposal is subject to a range of conditions, including due diligence, definitive agreements and applicable regulatory approvals.
Adshel’s Street Furniture business would provide an attractive complement to APO’s existing Outof-Home product offering.
APO also expects there are a range of value accretive cost synergies due to efficiencies in combining the two businesses.
At this early stage, no agreement has been reached between the parties and there is no certainty that the Proposal will result in any transaction.
APO will keep the market updated in relation to the Proposal as required by its continuous disclosure obligations.
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