(Adds statement from oOh!media, context)
June 25 (Reuters) - Media company HT&E Limited (HT1) said on Monday it will sell its out of home business Adshel to oOh!media Limited (OML) at implied enterprise value of A$570 million ($424.02 million).
HT&E said oOh!media Limited will buy its bus stop advertising business, ending a heated bidding war between Australian billboard firm APN Outdoor Group (APO) and oOh!Media
oOh!media which requested a trading halt said it will raise about A$329.9 million via rights issue and has arranged for new debt facilities of A$450 million to fund the acquisition.
oOh!media said it expects the acquisition to be low double digit earnings per share accretive for the 2018 calendar year.
HT&E's drawn debt at May 31 was about A$195 million and the firm said net proceeds from the sale will be used to pay-down existing debt.
APN, Ooh!Media rank first and second in the A$900 million billboards and outdoor advertising market in Australia, according to research firm IBISWorld. HT&E ranks fourth.
($1 = 1.3443 Australian dollars)
News: OML UPDATE 1-oOh!media Limited emerges winner for HT&E's Adshel
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Mkt cap ! $818.9M | |||
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