Quadrant Private Equity Pty Limited agreed in principle to acquire remaining 48% stake in APN Outdoor Pty Ltd from APN News & Media Ltd. (ASX:APN) for AUD 69 million in cash on October 22, 2013. For the year ended June 2013, APN Outdoor reported revenues of AUD 97.8 million and EBITDA of AUD 8.4 million. The transaction is subject to FIRB and other regulatory approvals and Quadrant's debt funding arrangements. The transaction is expected to close in late January 2014. Peter Brookes of Citadel acted as public relations advisor for APN News & Media. Morgan Stanley acted as financial advisor for Quadrant. Allens acted as the legal advisor for APN Outdoor Pty. Minter Ellison acted as the legal advisor for Quadrant Private Equity Pty Limited.

Quadrant Private Equity Pty Limited completed the acquisition of remaining 48% stake in APN Outdoor Pty Ltd from APN News & Media Ltd. (ASX:APN) on January 24, 2014. Under the terms of agreement, AUD 60 million will be paid immediately and remaining AUD 9 million to be received in June 2015.