JC Decaux acquisition of APN Outdoor cleared by Foreign Investment Review Board

The Foreign Investment Review Board (FIRB) has no objections to international outdoor giant JC Decaux gobbling up APN Outdoor.

The approval by the FIRB is the latest hurdle cleared by the outdoor organisations, after the competition watchdog – the ACCC – also gave the all clear. The APN Outdoor and JC Decaux deal however, still remains subject to approval from APN Outdoor shareholders, the courts and the New Zealand Overseas Investment Office. 

JC Decaux and APN Outdoor have made it over the next regulatory hurdle 

APN Outdoor shareholders will vote on the proposed $1.119bn transaction – which Mumbrella understands would see the departure of CEO James Warburton and likely the disappearance of the APN Outdoor brand name – at the Scheme Meeting on 15 October.