Ocean Outdoor buys two Dutch digital out-of-home agencies for €51m
Digital advertising firm Ocean Outdoor has snapped up two Dutch out-of-home firms in a deal worth roughly €51m (£43.5m).
Ocean, which manages major outdoor advertising venues such as Piccadilly Lights and Westfield, has acquired the combined portfolio of Interbest and Ngage Media, which operate across the Netherlands.
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Interbest is the country’s largest independent roadside operator, while Ngage operates 76 digital screens in locations including Amsterdam, Rotterdam and The Hague.
The firms’ combined portfolio is 60 per cent digital and together the companies generated revenues of €25.7m in 2018, according to Ocean.
Ocean said the acquisitions, which are the latest example of consolidation within the advertising sector, form part of the firm’s bid to drive growth.
Ocean chief executive Tim Bleakley said: “These are two attractive businesses with very clear, complementary digital strategies with talented and focused management in different spheres of the out-of-home sector.
“Their acquisition will create an enhanced offer which benefits all stakeholders, landlords, municipalities and advertisers along with the media and specialist agencies.”
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Ocean said it will provide further feedback when it publishes its full-year results next week.
Ngage Media managing partner and founder Xavier Tilman said: “Joining Ocean, and the cooperation with Interbest, enables us to enhance our objective to enlarge our digital footprint in the domestic Dutch market as well as our international ambitions to develop the medium digital out-of-home.”