Clear Channel Outdoor Holdings has announced that it is in exclusive discussions to sell its business in France to Equinox Industries, a prominent industrial holding company based in Paris. Equinox specializes in long-term majority equity investments, making it an ideal partner for Clear Channel.
As part of the proposed transaction, Didier Quillot, a senior adviser to Equinox, will join forces with the company and be appointed as the non-executive chairman of Clear Channel France upon completion. This partnership brings together their collective expertise to further enhance Clear Channel's presence in the French market.
The completion of the transaction is expected to take place in the fourth quarter of 2023, pending an information and consultation process with Clear Channel France's employee works council, the execution of a share purchase agreement, and the fulfillment of customary closing conditions. Importantly, regulatory approval is not required for this transaction to proceed.
Meanwhile, Clear Channel's board of directors continues to assess strategic alternatives for its other European businesses. While there is no set timetable for these processes to be finalized, Clear Channel retains the flexibility to pause or suspend these activities as necessary.