Brief: Clear Channel Outdoor To Sell Its Businesses In Italy And Spain

Clear Channel Outdoor Holdings

30/05/2023 22:13

May 30 (Reuters) - Clear Channel Outdoor Holdings Inc
 CCO.N :
    * CLEAR CHANNEL OUTDOOR HOLDINGS, INC. TO SELL ITS
BUSINESSES IN
ITALY AND SPAIN TO SUBSIDIARIES OF JCDECAUX SE FOR US$ 81
MILLION¹
    * CLEAR CHANNEL OUTDOOR HOLDINGS INC- CONTINUES REVIEW OF
STRATEGIC ALTERNATIVES FOR ITS OTHER EUROPEAN BUSINESSES
    * CLEAR CHANNEL OUTDOOR HOLDINGS INC- TWO SEPARATE ALL-CASH
TRANSACTIONS TOTAL APPROXIMATELY EUR 75.1 MILLION, OR US$ 80.5
MILLION
    * CLEAR CHANNEL OUTDOOR HOLDINGS INC - INTENDS TO USE
ANTICIPATED
NET PROCEEDS FROM SALES TO IMPROVE ITS LIQUIDITY AND INCREASE
FINANCIAL FLEXIBILITY
    * CLEAR CHANNEL OUTDOOR HOLDINGS -SALE OF BUSINESS IN ITALY
IS
EXPECTED TO CLOSE IMMINENTLY, SALE OF ITS BUSINESS IN SPAIN IS
EXPECTED TO CLOSE IN 2024
    * CLEAR CHANNEL OUTDOOR- HAS HEDGED ANTICIPATED PROCEEDS
FROM SALE
OF ITS BUSINESS IN SPAIN TO MITIGATE RISKS RELATED TO FOREIGN
CURRENCY FLUCTUATIONS

Source text for Eikon:  ID:nPn5nz0TLa 
Further company coverage:  CCO.N 

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