JCDecaux Acquires Clear Channel's Businesses in Italy and Spain
Outdoor advertising company JCDecaux has agreed to acquire Clear Channel's businesses in Italy and Spain for a total cash consideration of €75.1 million. The Italian deal is set to close immediately, while the Spanish acquisition requires regulatory approval.
JCDecaux SE has announced the acquisition of Clear Channel Outdoor's businesses in Italy and Spain. The transactions, conducted independently, represent a combined cash consideration of €75.1 million on a debt-free basis. This move is part of JCDecaux's strategy to expand its presence in established markets.
The acquisition of Clear Channel Italy will be completed immediately for a net consideration of €9.3 million, following customary closing adjustments. The acquisition of Clear Channel Spain is expected to close in 2024, subject to regulatory approval. The combined total consideration of €75.1 million reflects a multiple of 6.7 times the last twelve months' EBITDA as of March 2023, prior to any synergies.
JCDecaux stated that these acquisitions will complement its existing footprint in both countries, enhancing its ability to serve clients and property owners within the evolving digital out-of-home advertising landscape. Clear Channel's operations in both Italy and Spain encompass nationwide networks across various outdoor advertising segments.
Jean-Charles Decaux, Co-CEO of JCDecaux, commented that the acquisitions are aligned with the company's selective external growth strategy. He noted that they will boost the Group's momentum and development by extending its reach in established regions. JCDecaux is the number one outdoor advertising company worldwide, reaching over 850 million people daily across more than 80 countries.