Clear Channel Outdoor Holdings, Inc. in Exclusive Talks for France Business Sale

04 Jan, 2024

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) has initiated exclusive discussions to divest its business operations in France to Equinox Industries, a prominent Paris-based industrial holding company specializing in long-term majority equity investments.

Didier Quillot, a Senior Advisor to Equinox, is set to join Equinox in the proposed transaction and assume the role of Non-Executive Chairman of Clear Channel France upon completion.

The target timeline for finalizing this transaction is Q4 2023, contingent upon the information and consultation process with Clear Channel France's employee works council, execution of a share purchase agreement, and meeting customary closing conditions. Notably, regulatory approval is not a prerequisite for the completion of this transaction. Financial details of the deal are undisclosed at this juncture, and investors are cautioned against presuming any specific terms.

Simultaneously, the Company's Board of Directors is actively exploring strategic alternatives for its remaining European businesses. While there's no guarantee of further transactions or specific outcomes, the strategic reviews are ongoing, and no specific timetable for their completion has been set. The Company retains the discretion to suspend these processes at any point in time.

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