Clear Channel Outdoor Holdings, Inc. Signs Share Purchase Agreement to Sell its France Business to Equinox Industries
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Mittwoch, Oktober 18, 2023
SAN ANTONIO, Oct. 18, 2023 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has signed a share purchase agreement to sell its business in France to Equinox Industries ("Equinox"), a Paris-based industrial holding company that makes long-term majority equity investments. Equinox's Managing Partners, Charles-Henri Rossignol and Thibaud Caulier, have more than 20 years of investing and operating experience. In addition, Didier Quillot, Equinox's Senior Advisor, would participate alongside Equinox Industries in the proposed transaction and would be appointed Non-Executive Chairman of Clear Channel France upon completion.
Key Points:
- SAN ANTONIO, Oct. 18, 2023 /PRNewswire/ -- Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the "Company") today announced that it has signed a share purchase agreement 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, Equinox's Senior Advisor, would participate alongside Equinox Industries in the proposed transaction and would be appointed Non-Executive Chairman of Clear Channel France upon completion.
- "We are excited by this potential opportunity to grow Clear Channel France's established position and experienced leadership in the French outdoor advertising space," said Messrs. Rossignol and Caulier.
- As consideration for the transaction, the Company would deliver Clear Channel France to Equinox Industries at closing with approximately EUR 42 million of cash, subject to adjustment for related customary items, tax and other costs, to support ongoing operations of the business, and Equinox Industries would maintain the approximately EUR 30 million state-guaranteed loan held by Clear Channel France.