French advertising giant JCDecaux said Tuesday it has reached a deal to acquire Australia's APN Outdoor, a leader in the billboard publicity market, for 714 million euros ($835 million). Under the terms of the agreement, JCDecaux will pay Aus$6.70 (4.24 euros, $4.96) in cash for each APN Outdoor share, up from Aus$6.52 in its previous offer on June 20.
"This acquisition is a significant milestone in JCDecaux's history in Australia, which is the 7th largest advertising market worldwide, where we have been growing organically since 2000," Jean-Charles Decaux, Co-Chief Executive Officer, said in a statement.