Clear Channel Outdoor to sell Europe-North segment to Bauer Media for $625M cash

Clear Channel Outdoor Holdings, Inc.

Initial cash consideration $625M, subject to customary adjustments; multiple ~6.5x Europe-North segment results (12 ms ended Sep 30, 2024).
Net proceeds to prepay $375M CCIBV term loans in full; remaining proceeds subject to asset sale provisions.
Transaction expected to close in 2025 upon regulatory approvals; termination fee of $20M payable by buyer if regulatory clearance not obtained.
Divestiture covers Europe-North segment; Spain (Europe-South) excluded. Part of strategic focus on America and Airports segments.
Seller, Guarantor, Parent are wholly-owned subsidiaries of Clear Channel Outdoor Holdings, Inc.

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