24 Aug 2011
iSite Media announced today that it has entered into an agreement to acquire the assets of OTW Ltd. These comprise a significant portfolio of premium billboard sites, mainly located in Auckland.
iSite propose to commence operating the sites in the final quarter of the year, subject only to regulatory approval. The purchase price of under $10M does not constitute a material transaction for the listed parent, and is not further disclosed.
iSite CEO Wayne Chapman commented, “We’re delighted with the outcome. The OTW sites are high quality, and provide a great strategic fit with our existing offering. The acquisition highlights our commitment to a vision of a vibrant and competitive OOH market in New Zealand. Further, it enables iSite to compete more effectively and positions the company to benefit from anticipated market and sector growth.”
OTW owners Mark Venter and Mandie Skerrett said, “We are pleased to be concluding a deal with iSite. After many years of operation it was important that our valued commercial and customer relationships pass to an operator with closely aligned values, reputation and commercial practices. We will work closely with iSite to ensure a seamless transition and thank everyone for their support over the years.”
About iSite Media:
iSite Media is New Zealand’s largest Out of Home advertising supplier, with offices in Auckland, Wellington and Christchurch. The company operates an extensive national advertising portfolio centred on transit and billboard platforms. Operations also include management of advertising concessions at Wellington and Queenstown International Airports. iSite media is a subsidiary of NZ owned, dual NZX and ASX listed company, Infratil Ltd.
Media and related enquiries:
iSite Chief Executive Wayne Chapman
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