Clear Channel Outdoor Holdings, a global out-of-home advertising company, announced that it has entered into a definitive agreement to sell its Swiss business to Goldbach Group, an affiliate of TX Group, for CHF 86 million.
The Company intends to use the anticipated net proceeds from the sale to improve its liquidity position and increase financial flexibility, subject to any limitations set forth in its debt agreements.
Homburger has advised Clear Channel Outdoor Holdings with regard to all Swiss legal aspects of this transaction. The team was led by Daniel Hasler (pictured) and comprises Andrea Grimm Widmer and Magda Aref (all corporate/m&a), Gregor Bühler and Philippe Baumann (both IP/IT), Richard Stäuber and Allegra Arnold (both competition) and Peter Müller (tax).
Moelis & Company and Deutsche Bank Securities are serving as financial advisers to Clear Channel Outdoor Holdings and Kirkland & Ellis toghether with Homburger are serving as legal counsel.