Clear Channel Outdoor Holdings, Inc. announced that its subsidiaries have entered into a definitive agreement to sell its business in Brazil to Publibanca Brasil S.A., an affiliate of Eletromidia S.A. The purchase price is approximately R$80 million, or US$14 million, subject to customary adjustments. This transaction is subject to approval by Brazil's Administrative Council for Economic Defense and other closing conditions.
Scott Wells, CEO of Clear Channel Outdoor, stated that this agreement is another milestone in the company's goal to optimize its portfolio and focus on growing its America and Airports segments. Upon completion of this transaction, Clear Channel Outdoor will have divested all of its Latin American businesses, marking a full exit from the region. The anticipated net proceeds from the sale are intended to improve the company's liquidity position.
The transaction is expected to close in 2025, upon receipt of final regulatory approval. Until then, the company and the buyer will remain completely independent and operate on a business-as-usual basis. This divestiture aligns with CCO's strategic roadmap to streamline operations and strengthen its balance sheet.
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