Clear Channel To Sell Its Swiss Business To Goldbach Group For CHF 86 Mln

(RTTNews) - Clear Channel Outdoor Holdings, Inc. (CCO), an outdoor media advertising firm, said on Thursday that it has inked a definitive deal to sell its Swiss business to Goldbach Group AG, an affiliate of TX Group AG, for CHF 86 million, or $ 92.7 million in cash.

The transaction is expected to conclude in the second or third quarter of 2023.

Scott Wells, CEO of Clear Channel, 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…"

Clear Channel expects to use proceeds from the sale to improve its liquidity position and raise financial flexibility.

For the full-year to December 31, Clear Channel's business in Switzerland is expected to contribute around $9.7 million to its Europe Segment's adjusted EBITDA.

Moelis & Company LLC and Deutsche Bank Securities Inc. are serving as financial advisers to Clear Channel Outdoor Holdings, Inc., whereas Kirkland & Ellis LLP and Homburger AG are working as legal counsel.