Sydney-based APN Outdoor Group Ltd. announces the buyout of two of its Australian competitors for upwards of $32 million.

APN, an out-of-home advertising company, says it has bought the outdoor advertising assets of Queensland-based Metrospace, which includes 110 billboards. APN says the purchase increases its presence in the state and presents a number of digital conversion opportunities. The purchase price was between $16.5 million and $19.5 million, depending on a number of site-specific deliverables being met. Metrospace has revenue of more than $6 million annually, APN says.

The other company APN is buying is Victoria-base Independent Outdoor Media, better known as iOM. It has a portfolio of 130 sites, with a mix of static and digital billboards. The purchase price for it was in excess of $16 million. APN says iOM has annual revenue of more than $7 million.