JCDecaux: acquires Clear Channel in Italy and Spain
(CercleFinance.com) - JCDecaux has announced signing an agreement with Clear Channel Outdoor for the purchase of its activities in Italy and Spain, acquisitions which will expand the French outdoor advertising group's presence in both these countries.
The purchase price (excluding cash/net debt positions) is E15.1m in Italy and E60m in Spain, or 6.7x the combined EBITDA of the last 12 months to end-March 2023 for both countries, before synergies.
The Italian transaction will close this Wednesday for E9.3m, after taking into account estimated net debt and WCR adjustments, while the Spanish transaction is expected to close in 2024, following regulatory approvals.
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The purchase price (excluding cash/net debt positions) is E15.1m in Italy and E60m in Spain, or 6.7x the combined EBITDA of the last 12 months to end-March 2023 for both countries, before synergies.
The Italian transaction will close this Wednesday for E9.3m, after taking into account estimated net debt and WCR adjustments, while the Spanish transaction is expected to close in 2024, following regulatory approvals.
Copyright (c) 2023 CercleFinance.com. All rights reserved.