An outdoor advertising giant, whose sites include the Piccadilly Lights in London, has agreed a sale to its largest shareholder which values the company at £463m.
Ocean Outdoor has confirmed the deal with investment company Atairos after it first revealed the talks on April 13.
The company has also posted a revenue of £124.4m for 2021, up from £86.2m, while its pre-tax losses were slashed from £156.4m to £30.3m.
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The business has offices in London, Glasgow, Manchester and Birmingham and has partnerships with the likes of Wimbledon, the BBC, the NFL, Team GB and Formula E.
It has digital advertising boards in Aberdeen, Birmingham, Bournemouth, Bristol, Derby, Edinburgh, Glasgow, Leeds, Liverpool, London, Manchester, Newcastle , Norwich, Nottingham and Southampton.
Chief executive Tim Bleakley said: "We ended 2021 with all our territories open and capitalising on the surge in advertising spend, which culminated in a record Q4 performance for the group.
"Over the past three years, the group has transformed from a UK focused player into one of the most advanced DOOH operators in northern Europe, covering seven countries.
"Our decision to commit to our investment plans and grow our premium digital assets during the pandemic period has enabled Ocean to be at the forefront of the recovery.
"At the same time, the advancement in the capability of our network has supported brands in delivering some of the most impactful and memorable out of home campaigns we have seen."
The company also operates outdoor advertising in the Netherlands, the Nordics and Germany.
During 2021, the business was appointed as the exclusive outdoor media partner for the Canary Wharf Group, with a long-term contract value of £30m.
It also secured a £25m outdoor media partner contract for Edinburgh's St James Quarter.
Ocean Outdoor also delivered a 'fan zone' experiential campaign and Tokyo 2020 highlights at Westfield London in partnership with Team GB.
On the acquisition, Mr Bleakley added: "Ocean is a leading operator of digital out-of-home advertising across the UK, Northern and Continental Europe.
"Since the business was acquired by Ocelot and listed on the London Stock Exchange in 2018, it has undertaken six acquisitions and has expanded its network to offer 4,000+ screens across seven countries and 351 cities, with its technological capabilities delivering the most impactful and measurable DOOH brand and advertising experiences.
"The Atairos' cash offer represents an opportunity for current shareholders to realise an attractive and certain value for their investment, reflecting the strength of Ocean's high quality business and its future prospects.
"The proposal from Atairos can deliver clear benefits to the wider stakeholder group, providing support for Ocean as it continues to invest in its people and technology and expand its scope and reach across new and existing markets.
"We look forward to supporting our clients and agencies on a new phase of innovation and industry leadership as the company embarks on the next stage of the Ocean Voyage."
