Kirkland & Ellis advised Clear Channel Outdoor Holdings, Inc. in the transaction.
Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) has entered into an agreement to irrevocably tender to sell its 50.91% stake in Clear Media Limited, an indirect, non-wholly owned subsidiary of the Company based in China, to Ever Harmonic Global Limited.
Under the terms of the Company’s agreement with Ever Harmonic, Ever Harmonic will acquire the Company’s stake in Clear Media for HK$7.12 per share, or approximately US$253 million in cash, as part of a proposed voluntary conditional cash offer made by and on behalf of Ever Harmonic.
Clear Channel Outdoor intends to use the anticipated net proceeds of approximately $220 million from this transaction to improve its liquidity position and increase financial flexibility, subject to any limitations set forth in its debt agreements.
Ever Harmonic is a special purpose vehicle wholly owned by a consortium of investors comprising Mr. Han Zi Jing (chief executive officer and an executive director of Clear Media), Antfin (Hong Kong) Holding Limited, JCDecaux Innovate Limited and China Wealth Growth Fund III L.P.
Clear Channel Outdoor Holdings, Inc. is one of the world’s largest outdoor advertising companies with a diverse portfolio of approximately 460,000 print and digital displays in 32 countries across Asia, Europe, Latin Americaand North America, reaching millions of people monthly.
Clear Media Limited is the largest operator of bus shelter advertising panels in the PRC, with the leading market share of more than 70 percent in top-tier cities.
Credit Suisse served as financial advisor to Clear Channel Outdoor in the transaction.
The Kirkland team advising Clear Channel Outdoor was led by corporate partners Nicholas Norris (Picture) and Derek Poon.
Law Firms: Kirkland & Ellis;
Clients: Clear Channel Outdoor, Inc.;