Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has entered into exclusive discussions to sell its business in France to Equinox Industries ("Equinox"), 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. The Company is not disclosing financial details of the contemplated transaction at this time, and investors should not assume any particular terms.
The Company's Board of Directors continues its reviews of strategic alternatives for the Company's other European businesses. There can be no assurance that the strategic reviews will result in any additional transactions or particular outcomes. The Company has not set a timetable for completion of these processes and may suspend these processes at any time.