Clear Channel Outdoor Holdings, Inc. (CCO), a prominent player in the outdoor advertising sector, announced on Thursday that it has entered into a definitive agreement to divest its Europe-North segment businesses to Bauer Radio Limited. The transaction is valued at $625 million in cash.
The company intends to allocate the net proceeds from this sale towards the complete repayment of its $375 million term loans under its subsidiary, CCIBV, including any accrued interest. The remaining funds will be strategically directed towards managing other outstanding company debts. The completion of this deal is anticipated to occur in 2025.
Bauer Radio Limited operates as a subsidiary under the umbrella of Bauer Media Group.
On the preceding day, Wednesday, CCO shares concluded the trading session on the Nasdaq with a 3.47% increase, closing at $1.39.
