Adrian J Cotterill, Editor-in-Chief
Back in May 2023 JCDecaux SE (Euronext Paris: DEC) announced that it had entered into agreements with Clear Channel Outdoor Holdings, Inc. to acquire its businesses in Italy and Spain.
However earlier this week Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) announced that a subsidiary of JCDecaux SE has terminated the previously announced agreement to acquire the Spanish business after deciding to withdraw its regulatory filing with the Spanish National Markets and Competition Commission (‘CNMC’) in light of the commitments required by the CNMC.
Scott Wells, Chief Executive Officer of Clear Channel Outdoor was quoted as saying “We at Clear Channel respect the regulatory process and have fully complied with requests from the CNMC, acting in good faith to enable JCDecaux to receive approval and complete the transaction. 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. We will not change our focus on delivering our strategic plan, including the Europe-North and Latin American sales processes, and we remain committed to our ultimate goals of organically growing cash flow and reducing leverage on our balance sheet. I would like to express my gratitude to all our European teams for their hard work through this process, and especially to our colleagues in Spain for their focus and dedication as they drove strong business results against the backdrop of this regulatory review.”
The completion of the transaction in Italy occurred June 1, 2023.
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