Insider’s Note: Each party in this deal had their own press releases.

From JCDecaux

JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced on 30 May 2023 that it had signed an agreement with Clear Channel Outdoor Holdings, Inc. to acquire its business in Spain through the acquisition of the entire share capital of Clear Channel Spain, subject to approval by the Spanish competition authority (Comisión Nacional de los Mercados y la Competencia, the “Spanish Authority”). Following more than 14 months of examination, JCDecaux regrets having to decide not to proceed with this operation, which was supposed to complement its presence in Spain, but whose economic and strategic interest, as well as its implementation, are called into question by the indications provided by the Spanish Authority on the nature, schedule and implementation of the commitments required for its approval.

From Clear Channel

(RTTNews) – Clear Channel Outdoor Holdings (CCO) said a subsidiary of JCDecaux SE has terminated the agreement to acquire the company’s business in Spain after deciding to withdraw its regulatory filing with the Spanish National Markets and Competition Commission in light of the commitments required by the CNMC. Clear Channel will continue operating its business in Spain and remains focused on executing its strategic priorities in its America and Airports segments.

Scott Wells, CEO of Clear Channel, said:. “Over the course of the seventeen-month period since the agreement was announced, our business in Spain has performed well despite the distractions inherent in a sales process. With this development, we will continue to operate our assets in Spain and serve our customers.”

SignValue’s Take:  JCDecaux had agreed to pay $64 million for Spain so failure to close impacts future cash and leaves Clear Channel Outdoor with a money losing foreign operation which is not self funding.

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