One of Australia's largest out-of-home media companies, OML provides advertisers with access to a diverse range of audiences across Australia and New Zealand via a portfolio of classic and digital signs across roadside, retail, airport and place-based media.

Adshel is a major provider of advertising faces on street furniture in Australia and New Zealand, with more than 21,000 poster sites and 800 screens in its portfolio.

MinterEllison advised OML on its successful participation in the competitive sales process for Adshel. This involved the provision of time-critical and high-stakes strategic advice to OML's board in relation to the sales process.

MinterEllison also advised OML on the execution of a fully underwritten 1 for 2.3 pro rata accelerated non-renounceable entitlement offer to raise approximately A$330 million, the proceeds of which will part fund the acquisition.

The sale was complicated by an early bid from a competing potential acquirer (who itself was subject to a takeover offer).

In addition, the firm is advising OML on the on-going ACCC clearance process which is expected in 2018.

"The Adshel business is complementary to OML's existing portfolio, and OML expects the digitisation opportunity in the Adshel business to provide a significant avenue for further growth," said Chris Allen, who co-led the MinterEllison team. "We are enjoying working with the OML team and their other advisors. Together we have worked well to resolve a number of complexities and look forward to assisting OML reach a successful completion of this transaction."

The MinterEllison team was led by M&A Partners Con Boulougouris and Chris Allen. They were supported by Partners Daniel Scotti (Capital Raising), Paul Schoff (Competition and Regulatory), Anthony Lloyd (Technology) and Michael Gajic (M&A). Additional members of the MinterEllison team advising OML included Joseph Lam, Nicole Sloggett, Nick Kipriotis and Shaun Chung.