HT&E finalises sale of Adshel
ARN‘s parent company HT&E has finalised the sale of its outdoor advertising arm Adshel to oOh! Media.
The deal was confirmed in a note on the Australian Stock Exchange.
oOh! Media’s integration strategy will include the complete removal of the Adshel brand, replacing it with oOh! branding by the end of the year.
The deal sees HT&E deliver a special dividend to shareholders, at 72 cents a share. To be eligible, shareholders must be registered by record date on October 8.
Confirmation of the deal comes less than a week after HT&E appointed Paul Connolly its new acting chairman, following Robert Kaye‘s decision to step down from the position.
Long-standing chairman Peter Cosgrove left the position vacant earlier in the year.
Following the sale of Adshel, HT&E CEO Ciaran Davis has said he would be open to selling ARN if the right offer came in.