Clear Channel Outdoor enters exclusive talks with Equinox Industries on sale of its France business

Clear Channel Outdoor Holdings Inc. (CCO) said Monday it has entered exclusive talks with Equinox Industries, a Paris-based industrial holding company, on the sale of its French business. Under the terms being discussed, Dider Quillot, a senior adviser to Equinox, would take a stake alongside the holding company, and would become non-executive chairman of Clear Channel France upon completion. The parties are seeking to close the transaction in the fourth quarter, subject to a consultation process with the company's employee works council, execution of a share purchase agreement and other 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 outdoor advertising company said in a statement. The company's board is continuing to review its other European businesses. The stock has gained 61% in the year to date, while the S&P 500 has gained 17%.

-Ciara Linnane

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07-17-23 0613ET

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