CCO - Clear Channel Outdoor enters exclusive discussion to sell France business

2023-07-17 07:17:14 ET

• Clear Channel Outdoor ( NYSE: CCO ) said Monday that it would sell its business in France to Equinox Industries, a Paris-based industrial holding company that makes long-term majority equity investments for an undisclosed sum.
• The outdoor media company said Didier Quillot, a senior adviser 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 looking to complete the proposed transaction in Q4 2023, subject to the satisfaction of customary closing conditions. The transaction is not subject to regulatory approval.

• Clear Channel said its board is continuing to review strategic alternatives for its other European businesses. The company hasn't set a timetable for completion of these processes and may suspend these processes at any time.

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