Infratil’s iSite Media buys Auckland billboard firm for less than $10 mln
Aug. 24 (BusinessDesk) – ISite Ltd., the advertising supplier owned by infrastructure investor Infratil Ltd., has bought billboard advertiser OTW Advertising Ltd.
The Infratil subsidiary has agreed to buy OTW’s assets for less than $10 million, meaning it isn’t a material transaction and doesn’t have to be further disclosed. The billboards will add to iSite’s own national advertising portfolio which is centred on transit and billboard platforms. ISite also manages advertising concessions at Queenstown and Wellington airports. Infratil has a stake in the Wellinton gateway.
The purchase “enables iSite to compete more effectively and positions the company to benefit from anticipated market and sector growth,” chief executive Wayne Chapman said in a statement. “The OTW sites are high quality, and provide a great strategic fit with our existing offering.”
Last month, Infratil’s manager H.R.L. Morrison & Co. lifted its stake in the infrastructure investor to 12% after British investor Utilico Investments Ltd. sold down its holding.
Infratil’s shares were unchanged at $1.70 in trading today, and have declined almost 12% this year.
OTW is owned by Mark Venter and Mandie Skerrett.