Ooh Media to acquire Executive Channel Network and raise $60m to fund deal

Outdoor media company Ooh Media has announced its intention to spend $68.5m to acquire rival outdoor company Executive Channel Network.

The company put its shares in a trading halt this morning pending the announcement, which also includes plans to get $60m from shareholders in a capital raising to fund the investment.

ECN was founded 10 years ago and has digital screens on lifts and car parks in office blocks in 280 sites across the country, primarily targeting business people. In its forecast Ooh said it would add $8m in EBITDA to the company next year, and realise $3.2m in cost synergies as well. The purchase is being made by Ooh subsidiary Inlink, which is a rival of ECN.