Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) has entered into exclusive discussions to sell its business in France to Equinox Industries, a Paris-based industrial holding company that makes long-term majority equity investments. In addition, Didier Quillot, a Senior Advisor to Equinox, would participate alongside Equinox in the proposed transaction and would be appointed Non-Executive Chairman of Clear Channel France upon completion.
The parties are aiming to complete the proposed transaction in Q4 2023, subject to an information and consultation process with Clear Channel France’s employee works council, execution of a share purchase agreement and the satisfaction of customary closing conditions. The transaction is not subject to regulatory approval. Clear Channel Outdoor Holdings, Inc. is not disclosing financial details of the contemplated transaction at this time, and investors should not assume any particular terms.
The Clear Channel Outdoor Holdings, Inc. Board of Directors continues its reviews of strategic alternatives for Clear Channel Outdoor Holdings, Inc’s other European businesses. We are told that there can be no assurance that the strategic reviews will result in any additional transactions or particular outcomes and has not set a timetable for completion of these processes and may suspend these processes at any time.
Founded in 1999, Equinox Industries is an industrial holding company, specializing in making long-term majority equity investments into mid-cap companies to transform and unlock their potential. Equinox is specialized in corporate carve-outs and spin-offs. Equinox’s Managing Partners, Charles-Henri Rossignol and Thibaud Caulier, have more than 20 years of investing and operating experience. Equinox’s teams are based in Paris and Brussels. Equinox Industries has made dozens of investments and is currently actively managing nine companies in its portfolio.