Global Vía Pública has acquired Clear Channel’s businesses in Mexico, Peru, and Chile, leaving Brazil as its only remaining operation in Latin America. However, the company is already in the process of selling its Brazilian business as well.
After selling its Northern European business to Bauer Media Group, Clear Channel Outdoor is now selling its Americas businesses. The company has completed the sale of its operations in Mexico, Peru, and Chile to Global Media US, which trades as Global Vía Pública, in a single “sign and close” transaction.
Clear Channel received $20 million in cash at closing, based on a $34 million enterprise value. It is also entitled to an additional $1.25 million in profit sharing, with the total consideration subject to customary adjustments. The company plans to use the net proceeds to strengthen its liquidity.
“The sale of our Mexico, Peru, and Chile businesses further demonstrates the progress we are making to optimize our portfolio and focus on growing our America and Airports segments while strengthening our balance sheet,” says Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings.
Brazil also to be divested
Federico Diez, President of Global Vía Pública, comments: “This transaction aligns with our strategic goals and strengthens our established Latin American business. We are excited about the opportunity to continue driving business growth and leverage our media platform and teams to deliver dynamic outdoor advertising campaigns for our customers.”
According to Clear Channel, the sales process for the remaining Latin American business in Brazil is underway.
