Mediaworks Holdings Limited completed the acquisition of Out-of-Home, Digital Media and Production Business from QMS Media Limited.

Mediaworks Holdings Limited entered into a heads of agreement to acquire Out-of-Home, Digital Media and Production Business from QMS Media Limited (ASX:QMS) on November 29, 2018. Under the terms of the transaction, QMS Media Limited will receive a capital return of approximately AUD 35 million. Post completion, QMS Media Limited will hold 40% stake and Oaktree Capital Group, LLC (NYSE:OAK), parent of Mediaworks Holdings Limited will hold 60% stake in the expanded MediaWorks business. QMS Media Limited will hold two seats and Oaktree Capital Group, LLC will hold three seats on the Board. The transaction is subject to obtaining financing, approval from New Zealand’s Overseas Investment Office and other customary conditions. As of July 30, 2019, Overseas Investment Office New Zealand has approved the transaction. The transaction is expected to be completed in the second quarter of year 2019. As of July 30, 2019, completion is expected to occur in next 4 to 6 weeks period. The transaction is expected to be earnings per share accretive for QMS Media shareholders in financial year 2020, post cost and revenue synergies. Chapman Tripp and CLSA Corporate Finance acted as legal and financial advisors for QMS Media Limited respectively. Minter Ellison Rudd Watts acted as legal advisor and UBS New Zealand Limited acted as financial advisor for Mediaworks Holdings Limited. Ernst & Young provided financial and tax due diligence to QMS Media Limited. Mediaworks Holdings Limited completed the acquisition of Out-of-Home, Digital Media and Production Business from QMS Media Limited (ASX:QMS) on September 3, 2019.