Clear Channel Outdoor Holdings, Inc. Has Entered Into Exclusive Discussions to Sell its France Business
SAN ANTONIO, July 17, 2023 /PRNewswire/ -- 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.
About Clear Channel Outdoor Holdings
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month across more than 500,000 print and digital displays in 21 countries.
About Equinox Industries
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 9 companies in its portfolio.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "would," "estimate," "forecast," "goals," "potential," "targets" and similar words and expressions are intended to identify such forward-looking statements. Any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about our expectations with respect to the timing, closing, satisfaction of closing conditions and benefits of the proposed transaction; our strategies with respect to the Company's European portfolio and our expectations of optimizing our portfolio; the continuing reviews of strategic alternatives for our other European businesses; our expectations with respect to our America and Airports segments; and our business plans and strategies are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict.
Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: the delay or failure to satisfy the conditions to divest our French business; the impact of the continued strategic reviews of our other European businesses and assets, including failure to realize their benefits; our inability to complete any other transactions with respect to our other European businesses and improve our portfolio; continued economic uncertainty; an economic slowdown or a recession; our ability to service our debt obligations and to fund our operations, business strategy and capital expenditures; the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings; the difficulty, cost and time required to implement our strategy, and the fact that we may not realize the anticipated benefits therefrom; the impact of future dispositions, acquisitions and other strategic transactions; risks of doing business in foreign countries; fluctuations in exchange rates and currency values; volatility of our stock price; the impacts on our stock price as a result of future sales of common stock, or the perception thereof, and dilution resulting from additional capital raised through the sale of common stock or other equity-linked instruments; our ability to continue to comply with the applicable listing standards of the New York Stock Exchange; the restrictions contained in the agreements governing our indebtedness limiting our flexibility in operating our business; and certain other factors set forth in our other filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Other key risks are described in the section entitled "Item 1A. Risk Factors" of the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
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SOURCE Clear Channel Outdoor Holdings, Inc.
Released July 17, 2023