(Adds statement from oOh!media, context) June 25 (Reuters) -...

(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)