APN News & Media is set to acquire the remaining 50 per cent of outdoor media company Adshel for $268.4m.

The move will see APN take 100 per cent ownership of Adshel, which specialises in outdoor street furniture media, with 22,000 static and digital panels across Australia and New Zealand.  

During the last financial year, Adshel generated $170m in revenue and achieved an EBITDA of $42m.

APN flagged outdoor and radio as the future cash cows of the company during its half year results announcement in August as it looked to finalise the sale of its Australian Regional Media (ARM), signalling its exit from publishing.

APN says the acquisition will increase the company’s exposure to the growing out-of-home industry, which has surged 17 per cent during the past nine months to September.

“The acquisition of the remaining 50 per cent of Adshel continues APN’s significant transformation, placing APN in a stronger position in the Australian media industry by creating a proposition to deliver an integrated radio, outdoor, mobile and video offering,” chief executive Ciaran Davis says.

“It will allow the Adshel management team to drive the strategic direction of the business and pursue opportunities that facilitate growth, including a continued focus on innovation and the progressive digitisation of the portfolio. 

Davis continues, “As the demands of advertisers rapidly change this transaction will increase the effectiveness of implementing integrated marketing campaigns at scale, across all of APN’s businesses.” 

During its statement to the Australian Securities Exchange this morning, APN also revealed it is purchasing Conversant Media, an online publishing company with titles including The Roar, Lost at E Minor, Techly and INC.com.

The acquisition of Adshel is expected to be finalised today.

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