oOh!media (ASX:OML) said the Australian Competition and Consumer Commission (ACCC) approved OOH BidCo's proposed acquisition of the company, according to a Thursday filing with the Australian bourse.

OOH BidCo, an entity owned by funds affiliated with I Squared Capital, in August agreed to acquire all of oOh!media's shares for AU$1.70 apiece.

oOh!media said other regulatory approvals for the deal, including from the Australian Foreign Investment Review Board and the New Zealand Overseas Investment Office, are still pending.

The company's board continues to recommend that shareholders vote in favor of the acquisition, subject to an independent expert concluding that the deal is in their best interests.