British Ad Biz Ocean Valued At $580M In 4-Firm Takeover Deal

By McCord Pagan (May 3, 2022, 3:14 PM EDT) -- British advertising business Ocean Outdoor Ltd. said Tuesday it's agreed to be purchased by current shareholder Atairos Group Inc. in a deal valuing the company at $580 million and that was guided by four law firms, including Davis Polk & Wardwell LLP and White & Case LLP.

The sides have struck a deal where Atairos may buy all the shares of Ocean it doesn't already own for $10.40 each, a premium of nearly 22% to the six-month average share price prior to the November announcement of a strategic review of Ocean, according to a statement.

"Ocean is a proven UK and...

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