The merger of QMS Media Ltd.'s out-of-home, digital media and production business in New Zealand with MediaWorks Holdings Ltd. has been completed.
The merger, announced in December 2018, establishes the largest multimedia advertising group in New Zealand. QMS Media will hold two seats on the merged entity's board, while MediaWorks owner Oaktree Capital Management LP will hold three seats. QMS will have a 40% shareholding in the merged entity, while Oaktree takes a 60% stake in the new business.
QMS Media will receive a capital return of A$38 million, which will be used to repay part of the company's banking facility.
The merged entity also agreed to acquire ETC Media's Christchurch digital billboard portfolio to add twelve large format digital billboards to its existing national digital portfolio, according to a Sept. 3 news release.
