AUSTRALIA – QMS Media Limited (ASX:QMS) has paid up to $14.5 million to acquire 39 large format billboards throughout Victoria from Total Outdoor Media (TOM).
In a disclosure to the Australian Securities Exchange (ASX), QMS Media said the billboard assets will be acquired in tranches with final completion scheduled for not later than the end of this year.
“The average tenure of the underlying leases is more than 10 years. It is expected that the assets will start contributing earnings during FY18 as they are progressively acquired by QMS,” the company disclosed.
The transaction is forecast to be EPS accretive for QMS shareholders.
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“The TOM assets strengthen our portfolio of premium outdoor media by expanding our network of landmark digital billboards, improving our metropolitan reach in Melbourne and giving us a strong, strategic presence in key regional Victorian markets,” said QMS Managing Director and CEO Barclay Nettlefold.
A publicly listed company, QMS Media is a leading outdoor media company in Australia, New Zealand and Indonesia, specialising in premium landmark digital and static billboards, street furniture, retail and transit media. – BusinessNewsAsia.com