Baker & McKenzie acted for APN in moving to full ownership of Adshel for $268.4 million, through acquisition of the remaining 50% interest in the Adshel joint venture from Clear Channel Outdoor and related capital raising.

Baker & McKenzie's Asia Pacific Head of Capital Markets and transaction lead partner, David Holland stated: "We were delighted to assist our long-standing client APN in continuing the implementation of its strategy to focus on growth media assets and wholly own its core businesses."

Baker & McKenzie's lead partner on equity capital market aspects of the deal, Lauren Magraith commented: "We were pleased to be acting on all aspects of this acquisition funded through a debt bridge facility, accelerated placement and entitlement offer. The debt bridge facility is to be repaid from the proceeds of a fully underwritten equity raising, comprised of an institutional placement and entitlement offer.

In conjunction with this deal, Baker & McKenzie assisted with APN's acquisition of digital media business, Conversant Media, for upfront cash consideration of $11.6 million and performance based earn-outs.

Adshel is a leading out-of-home media company, with a #1 position in street furniture in Australia and New Zealand and approximately 22,000 static and digital panels. Adshel allows advertisers across Australia and New Zealand to connect, engage and influence commuters where they work, live, shop and play. Originally formed in 1997 as a joint venture between APN News & Media and Clear Channel Outdoor, today Adshel is one of the most recognised names in street furniture and a key player in the out-of-home media market reaching 92% of Australians 68 times per fortnight.

The Conversant Media (CM) acquisition will facilitate the growth of APN’s audience base through an enhanced content offering and diversification of revenues into the growing revenue streams of mobile, social and video. CM is a fast growing, independent digital media company that produces engaging premium websites for enthusiats of sport, culture and lifestyle technology.

David and Lauren were assisted by Howard Fraser, Gabriella Plummer, Hoda Nahlous, Ivo Basoski and Jessie Bodor.