APN Outdoor spends $32m acquiring Queensland and Victorian competitors

APN Outdoor has spent more than $32m to buy up competitors Metrospace and iOM, giving the company 240 more billboards across Victoria and Queensland.

apn outdoor olympic wide

The listed outdoor company (ASX:APO) announced last night it had completed the deals which see it pay an initial $16m for iOM’s 130 sites in Victoria and between $16.3m and $19.5m for Metrospace’s boards in Queensland.

In the announcement the company said it was also looking at extending its debt facilities by a further $20m as it looks to accelerate its digital roll-out program, and assesses additional acquisitions.

Richard Herring, CEO of APN, said in the statement: “We are delighted to announce both proposed acquisitions. The Metrospace outdoor assets comprise an excellent portfolio of sites that not only strengthen our position in Brisbane and the wider state but presents immediate, high-quality digitisation opportunities.

“Similarly, the iOM portfolio is a significant addition to our existing Victorian assets and contains recently developed digital sites as well as further exciting digital opportunities. We are pleased to consolidate our position in both states.”

APN said the Metrospace sites have annualised revenue opportunities of more than $6m, while the iOM assets are worth more than $7m per year.


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