Goldbach Group AG completed the acquisition of Clear Channel Schweiz AG from Clear Channel Outdoor Holdings, Inc..
March 30, 2023
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Goldbach Group AG entered into a definitive agreement to acquire Clear Channel Schweiz AG from Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) for CHF 86 million on December 22, 2022. As of December 31, 2022, Clear Channel Schweiz AG reported Cash and cash equivalents of CHF 0.53 million. The transaction is subject to clearance by the Swiss Competition Commission, regulatory approval, receipt of a customary tax ruling with respect to a transaction-related reorganization and other customary closing conditions. The transaction is expected to close in the second or third quarter of 2023, depending on satisfaction of the conditions to closing. Moelis & Company LLC and Deutsche Bank Securities Inc. are serving as financial advisors to Clear Channel Outdoor Holdings, Inc., and Daniel Hasler, Gregor Bühler and Richard Stäuber of Homburger AG are serving as legal counsel. Stuart Boyd, Dan Clarke and Joanna Thomson of Kirkland & Ellis LLP acted legal advisor to Clear Channel Outdoor Holdings, Inc. (NYSE:CCO). Urs P. Gnos, Markus Vischer, Mark Reutter and David Vasella of Walder Wyss Ltd acted as legal advisor to Goldbach Group AG and its associated parent of TX Group AG. Øyvind Bjordal, Christoph-Sebastian Meier and Andreas Roth of Lincoln International advised shareholders of Clear Channel Outdoor. as of March 9, 2023, Clear Channel received regulatory approval from the Swiss Competition Commission.
Goldbach Group AG completed the acquisition of Clear Channel Schweiz AG from Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) on March 31, 2023. Clear Channel Outdoor Holdings, Inc. received a gross proceeds of $94.2 million. CCO intend to use the net proceeds, after payment of transaction-related fees and expenses, to improve liquidity and increase financial flexibility in European businesses as permitted under debt agreements.
Clear Channel Outdoor Holdings, Inc. is an out-of-home advertising company. The Company provides customized advertising solutions through its asset portfolio of roadside billboards, urban street furniture, airport advertising displays and other displays. The Companyâs segments include America, Airports, and Europe-North. The America segment consists of operations in the United States excluding airports. The Airports segment provides advertising opportunities around and within United States and Caribbean airports. The Europe-North segment consists of operations in the United Kingdom, the Nordics, and several other countries throughout northern and central Europe. It also has operations in Latin America and Singapore. Its Latin American businesses include operations in Mexico, Brazil, Chile, and Peru. The Company generally outsources the design and manufacturing of advertising structures to third parties.