Walder Wyss advises TX Group on Clear Channel Switzerland acquisition
TX Group and its subsidiary Goldbach have signed a binding agreement for the acquisition of Clear Channel Holding Switzerland, a driver for innovation in the Out-of-Home (OOH) advertising business, from Clear Channel International Limited.
Goldbach Group is already active in the Out-of-Home advertising business through its majority stake in Neo Advertising. The acquisition of Clear Channel Switzerland will expand the OOH business into a substantial cornerstone in terms of sales and earnings. In addition, an agreement has been reached with the minority shareholders of Neo Advertising to merge the company with Clear Channel Switzerland and to buy out their shares at a later date. On a historical basis, the combined sales volume of Neo Advertising and Clear Channel Holding Switzerland reaches over CHF 100 million. The transaction remains subject to customary closing conditions. It is expected to close in the second or third quarter of 2023.
TX Group forms a network of platforms and associates that offers users information, orientation, entertainment and assistance for their daily lives. Its roots lie in journalism with Tamedia’s diverse newspapers and the media offered by 20 Minuten. The portfolio is supplemented by the advertising marketer Goldbach. The group is the anchor shareholder of the SMG Swiss Marketplace Group and of Jobcloud, holds majority interests in Doodle and Zattoo and is involved in the area of fintech as a venture investor.
Walder Wyss has acted as legal counsel to TX Group and Goldbach. The team has been co-led by partners Urs P. Gnos (corporate/m&a, pictured left) and Markus Vischer (corporate/m&a, pictured right) and further included corporate/m&a senior associates Dimitrios Berger and Dario Galli, associate Michael Kissling, managing associate Samuel Lieberherr, senior associate Timon Nydegger, associate Erik Lanz, Mark Reutter (partner, IP/IT), David Vasella (partner, IP/IT), Hugh Reeves (managing associate, IP/IT/data protection), Reto Jacobs (partner, competition), Gion Giger (counsel, competition), Martin Greuter (associate, employment), Valentina Eichin (associate, employment) as well as corporate/m&a trainees Delia Zellweger and Helene Tasman.