Adrian J Cotterill, Editor-in-Chief
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) has entered into a definitive agreement to sell its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for CHF 86.0 million, or US$ 92.7 million1.
Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. said “The sale of our business in Switzerland is the result of our ongoing review of strategic alternatives for our European businesses and moves toward our goal of optimizing our portfolio in the best interests of our shareholders. This transaction allows us to exit a standalone and lower-priority market at a valuation that we believe reflects the quality of our Swiss assets, which are performing well. Our review of strategic alternatives for our European businesses remains ongoing, and we will continue seeking the disposition of certain of our lower-margin or lower-priority European assets,” Wells continued. “We remain focused on our Americas business and executing our strategic priorities, which we believe will drive revenue growth and operating cash flow as well as improve our balance sheet over time”.
The transaction is subject to regulatory approval, receipt of a customary tax ruling with respect to a transaction-related reorganization and other customary closing conditions and is expected to close in the second or third quarter of 2023, depending on when the conditions to closing are satisfied.
Moelis & Company LLC and Deutsche Bank Securities Inc. are serving as financial advisers to Clear Channel Outdoor Holdings, Inc., and Kirkland & Ellis LLP and Homburger AG are serving as legal counsel.