Clear Channel sells Brazil business to Publibanca for $15m

Clear Channel Outdoor Holdings has completed the sale of its operations in Brazil to Publibanca Brasil, an affiliate of Eletromidia. The transaction marks the company’s exit from Latin America as it focuses on its US business.

The deal was valued at R$80 million, approximately US$15 million. Clear Channel said it will use the net proceeds, after fees and expenses, to strengthen liquidity and increase financial flexibility under its debt agreements. Final proceeds remain subject to standard post-closing adjustments.

With the divestment of Brazil, Clear Channel has now completed its withdrawal from Latin American markets. The company is shifting attention to its Americas and Airports divisions in the US while working to reduce debt.

Scott Wells, chief executive officer, Clear Channel Outdoor Holdings: "The sale of our business in Brazil marks the exit of our business in Latin America. It is another key step towards simplifying and derisking our business to focus on the strength of our America and Airports businesses in the U.S. while paying down debt. We are continuing to create value for shareholders from the sale of our assets outside of the U.S., by paying down debt and reinvesting in high return opportunities. We thank the team in Brazil for their dedication and perseverance."

Clear Channel appointed Moelis & Company as financial advisor for the divestment of its Latin American businesses.

www.clearchanneloutdoor.com

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