Ocean Outdoor has agreed to an all-cash offer to acquire AdCityMedia (ACM) in a deal which values the Nordic out-of-home operator at £24.7m.
ACM operates 1,500 large format digital screens in urban locations around Sweden, in addition to city’s across Norway, Denmark and Finland, providing Ocean with a readymade springboard to expand its own operations in the region.
This includes 4,500 digital screens at a mix of retail and leisure venues in cities such as Stockholm, Gothenburg and Malmo.
Ocean chief executive Tim Bleakley commented: "We have known ACM via our Alliance network for some years now and have always admired Anders and the team's ambition and dedication to promoting the evolution of DOOH across Sweden and the Nordics. The combination of these assets with those of Visual Art and the coming together of talented ambitious management with a dynamic creative and innovative approach is compelling. This is an exciting prospect for all stakeholders across the Nordic countries and will be hugely positive for landlords, media agencies and advertisers."
The takeover is likely to result in unspecified changes to the current organisation but no decision has yet been taken on future headcount and operations.
Ocean has been on an acquisition spree, taking over Visual Art as recently as September. Last year it also acquired Forest Media.