Woolworths Group’s retail media arm Cartology is set to acquire Shopper Media for $150 million – but it will require clearance from the Australian Competition & Consumer Commission.

Shopper Media offers targeted advertising through a network of more than 2000 screens in more than 400 shopping centres.

Brad Banducci, Woolworths’ chief, said retail media is developing rapidly and is an important part of the evolution of Woolworths Group.

Cartology MD, Mike Tyquin, described the acquisition as an important step in “unlocking” the growth potential of the business.

“Shopper’s screen network offers advertisers outstanding retail context and proximity. We have invested heavily in technology, helping the business pave the way for innovation in retail out-of-home media.”

The acquisition will likely be completed by the end of this year, subject to the ACCC deciding a merger of the two businesses would not reduce competition in the marketplace.