Ocean Outdoor to acquire Visual Art for €63m.

Ocean Outdoor acquired Visual Art, a Sweden based independent, pure-play digital, out-of-home media and tech group operating in three Nordic countries and Germany. The deal is structured as two simultaneous transactions in which Ocean acquires the out-of-home assets of Visual Art for a total consideration of approximately €63m ($70m) in cash and partners with the operators of Visual Art to form a 50-50 digital signage technology joint venture Visual Art Technologies following a €15m ($17m) investment by Ocean. "Visual Art Media is an attractive business that we have long admired. The company combines great people with great assets in growing DOOH markets, offering impressive opportunities across a number of different business areas and multiple countries. This acquisition creates an enhanced offering which benefits all stakeholders, landlords, municipalities and advertisers along with the media and specialist agencies. We look forward to working with the management teams at Visual Art to combine their expertise with the Ocean brand and our digital cities for digital citizens philosophy." Tim Bleakley, Ocean CEO.