UK’s Ocean Outdoor inks $580 million buyout deal with top shareholder

(Reuters) – British digital advertising operator Ocean Outdoor Ltd said on Tuesday that its largest shareholder Atairos would buy the remaining shares it does not already own in a deal that valued the company at about $580 million.

Atoll Bidco, a unit of private investment company Atairos, will pay $10.40 per share in cash to shareholders, the London-listed company said.

Atairos currently owns 37.9% of Ocean Outdoor, whose board plans to unanimously recommend remaining shareholders vote in favour of the deal.

“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,” Ocean Chief Executive Officer Tim Bleakley said.

Shares of Ocean Outdoor were down as much as 1.5% at $10 by 0850 GMT.

(Reporting by Amna Karimi in Bengaluru)