Company Continues Review of Strategic Alternatives for its European Businesses
SAN ANTONIO, Dec. 22, 2022 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced it has entered into a definitive agreement to sell its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for CHF 86.0 million, or US$ 92.7 million1.
The Company’s Swiss business is expected to contribute approximately US$ 9.7 million, which excludes US$ 1.4 million in one-time items including rent abatements, to Europe Segment Adjusted EBITDA2 for the full year ended December 31, 2022. The all-cash consideration represents a transaction multiple of approximately 9.5x Segment Adjusted EBITDA contribution. The Company expects to hedge the anticipated proceeds to mitigate the risks related to foreign currency fluctuations, and the estimated taxes in connection with the transaction are expected to be less than…