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APN pays $268.4m to be Adshel's sole owner

AAP logoAAP 24/10/2016

APN News and Media will pay $268.4 million to take sole ownership of its Adshel joint venture, launching an equity raising to support the purchase of the outdoor ad business.

APN, which is awaiting regulatory approval to offload its Australian print media assets to Rupert Murdoch's News Corp, says it will acquire Clear Channel Outdoor, whose sole asset is its 50 per cent stake in Adshel.

A fully underwritten $273 million institutional placement and entitlement offer will allow the company to repay the debt it takes on to complete the deal.

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