- Digital video communication services company, Motio (MXO) is set to acquire oOh!media’s (OML) cafe and venue digital place-based networks for $2.35 million
- The two companies entered a contract which would see Motio take over more than 450 locations across Australia
- The two networks will be acquired through vendor financing provided by Ooh!media over four years at a fixed rate of 10.1 per cent per annum interest in the first year
- Completion of the integration is expected by March first, 2023
- MXO shares were up 18.2 per cent, trading at 3.9 cents, while OML was down 2.65 per cent, trading at $1.29 at 12:55 pm AEDT
Digital video communication services company Motio (MXO) is set to acquire oOh!media’s (OML) cafe and venue digital place based networks for $2.35 million.
The two companies entered into binding terms for Motio to take over more than 450 locations, increasing the number of MXO’s digital displays to more than 1000 locations in Australia.
The two networks will be acquired through vendor financing provided by oOh! over four years at a fixed rate of 10.1 per cent per annum interest for the first year.
MXO said the deal is “pivotal” to its “continued growth and expansion in the digital place based sector.”
“These two channels are especially significant with a number of us at Motio having worked previously on the build and development of both Café and Venue – we are very excited to have them join the Moto portfolio,” Motio CEO Adam Cadwallader said.
“Our continued focus in developing the digital place-based and audience experience sector will be further enhanced with these networks and Motio is right sized to operate them with minimal impact or additional investment required in our team and operational infrastructure.
The Motio team will work with counterparts at oOh! to complete the integration of the two networks over January and February including displays, Wi-Fi and commercial agreement changes in readiness for completion on March 1, 2023.”
MXO shares were up 18.2 per cent, trading at 3.9 cents, while OML was down 2.65 per cent, trading at $1.29 at 12:55 pm AEDT.