+1-888-308-5802     
News Contact Us

Ever Harmonic to acquire CCO’s Clear Media stake for US$253Mn

Author : Saipriya Iyer | Published Date : 2020-03-31 

Clear Channel Outdoor Holdings Inc. (CCO), one of the leading outdoor advertising companies, has reportedly inked an agreement with Ever Harmonic Global Limited, under which it would sell its 50.91% stake in China-based media company, Clear Media Ltd.

For the record, Ever Harmonic is fully owned by a group of investors including Mr. Han Zi Jing (CEO and an Exec. Director at Clear Media), Antfin Holding Ltd., China Wealth Growth Fund III L.P, and JCDecaux Innovate Ltd.

Sources cite that Ever Harmonic, following this deal, will take over Clear Channel's share in Clear Media for HK$7.12/share, or approx. USD 253 million in cash, as part of a planned voluntary conditional cash offer.

The deal highlights a premium of around 86.88% over the average of the closing prices of Clear Media stocks as listed on the Hong Kong Stock Exchange for the 30 successive trading days before the announced strategic review of CCO’s investment in China.

This deal is a successful milestone following the process formerly disclosed in 2019 to maximize the value of Ever Harmonic’s stake in Clear Media.

Reportedly, Clear Channel is planning to use the expected net proceeds of around USD 220 million from this deal to improve its liquidity position and enhance financial flexibility. It believes the estimated net proceeds from the Clear Media sale along with the cash on hand and the initiatives it is actively pursuing will improve CCO’s liquidity position and provide it with additional financial flexibility during the economic slowdown.

About Clear Channel Outdoor Holdings (CCO), Inc.

COO is one of the leading outdoor advertising firms in the world with a diverse portfolio of around 460,000 print and digital displays in economies across Europe, Asia, Latin America and North America, serving millions of customers monthly.

Source Credit -https://www.nasdaq.com/articles/clear-channel-to-sell-stake-in-clear-media-for-%24253-mln-withdraws-2020-outlook-2020-03-30

 

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

Related News

GoBear raises $17M funds led by Walvis Participaties & Aegon N.V.

Published Date: 2020-05-28         Author: Saipriya Iyer

GoBear, a Singapore-based fintech firm, has recently raised a new funding round worth $17 million led by Dutch Venture Capital Walvis Participaties & Aegon N.V. The company is a financial supermarket in Asia, which serves the main purpose of improving the financial health of customers. GoBear... Read More

Telstra beats rollout target & launches 5G network across 47 cities

Published Date: 2020-05-27         Author: Saipriya Iyer

Telstra is reportedly building its 5G network ahead of time and has extended its reach across 47 Australian cities. Additionally, the company is unveiling a mobile broadband device that can compete directly with the NBN (National Broadband Network). As per the statement made by Channa Seneviratne... Read More

BigBasket plans to raise $150-200M funds to boost online grocery sales

Published Date: 2020-05-26         Author: Saipriya Iyer

BigBasket is reportedly planning to raise funds worth nearly $150-200 million, owing to the rising opportunities of online grocery sales due to the nationwide COVID-19 lockdown. In the initial days of the lockdown, supply chains were disrupted. However, e-Commerce has emerged subsequently as the ... Read More

© 2020 Fractovia. All Rights Reserved