oOh!media Limited (ASX: OML) has cleared a significant regulatory hurdle with the Australian Competition and Consumer Commission confirming it will not oppose the proposed acquisition by funds managed by I Squared Capital. This ACCC determination removes one of the key conditions to the scheme of arrangement announced in August 2026, under which I Squared is acquiring all of oOh!’s fully paid ordinary shares via OOH BidCo Pty Ltd. The approval is particularly important given oOh!’s substantial market position in out of home advertising across Australia and New Zealand.
The ACCC assessment, conducted under the Competition and Consumer Act 2010, represented the most substantial regulatory scrutiny facing the transaction. oOh!media operates an extensive network of digital and static advertising assets spanning roadsides, retail centres, airports, train stations, bus stops, office towers and universities. The regulator’s approval suggests no material concerns about substantial lessening of competition from I Squared’s acquisition of these assets. This clearance significantly reduces the transaction risk profile for shareholders and removes the primary legal barrier to deal completion.
Two regulatory approvals remain outstanding before the acquisition can close: clearance from the Australian Foreign Investment Review Board (FIRB) and the New Zealand Overseas Investment Office (OIO). The company notes these approvals are continuing to progress, suggesting neither agency has raised material obstacles at this stage. I Squared Capital, which manages over US$60 billion in assets with a portfolio spanning over 100 companies across more than 115 countries, is generally viewed favorably by foreign investment reviewers given its scale, established operations and long-term infrastructure investment focus.
The transaction timeline is now significantly clearer. oOh! expects to dispatch the Scheme Booklet to shareholders in early October 2026, with the shareholder meeting scheduled for early November 2026. This timing is critical as it establishes when shareholders will have their binding vote on the proposal. The oOh! Board continues to unanimously recommend shareholders vote in favor, subject to no superior proposal emerging and continued independent expert support for the transaction. One director, David Ferrarin, has abstained from the recommendation due to a potential conflict of interest relating to advisory services his associated entity previously provided to I Squared, with full details to be disclosed in the Scheme Booklet.
For oOh! shareholders, the regulatory pathway to deal completion has become substantially clearer. The November shareholder vote now represents the most significant remaining timing uncertainty. Completion certainty will increase further once FIRB and OIO approvals are confirmed, though neither agency has historically raised material obstacles to infrastructure acquisitions by established global investors. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About oOh!media Limited (ASX: OML)
oOh!media is an out-of-home advertising company that operates a network of over 30,000 advertising sites across Australia and New Zealand, holding approximately 35% of the Australian out-of-home advertising market. The company’s sites include roadside billboards, shopping centres, public transport stations, buildings, and university campuses. It also operates digital platforms, native content production, and digital printing services.
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