SAN ANTONIO, March 9, 2023 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (CCO) (the “Company”) today announced that the sale of the Company’s Switzerland business to Goldbach Group, an affiliate of TX Group, has received regulatory approval from the Swiss Competition Commission. The Company now expects the transaction to close late in the first quarter or early in the second quarter of 2023, subject to the receipt of a customary tax ruling and completion of a transaction-related reorganization.

Insider’s Take: No surprises here.  Clear Channel announced in December 2022 it had entered into a definitive agreement to sell its business in Switzerland to Goldbach Group AG, an affiliate of TX Group AG, for US$ 92.7 million.  Just last week Scott Wells talked about the pending sale and indicated their intent to use the anticipated net proceeds to improve the companies liquidity position. He also said their strategic review of low margin and low priority European businesses remains ongoing, so we expect additional assets to be sold as interested buyers come forward.

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