TX Group and its daughter company Goldbach Group to acquire Clear Channel Switzerland
Goldbach Group is already active in the Out-of-Home (OOH) advertising business through its majority stake in Neo Advertising (52.3 percent). The acquisition of Clear Channel Switzerland will expand the Out-of-Home business into a substantial cornerstone in terms of sales and earnings. 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.
The expansion of the Out-of-Home business follows TX Group's strategy. On a historical basis, the combined sales volume of Neo Advertising and Clear Channel Switzerland reaches over CHF 100 million. The purchase price amounts to CHF 86 million (enterprise value without cash or liabilities). The transaction is subject to clearance by the Swiss Competition Commission.
Pietro Supino, Chairman of the Board of Directors of TX Group: "The acquisition of Clear Channel Switzerland is a good enhancement to the strategically important Out-of-Home advertising business. We see further profitable growth potential in the segment."
Michi Frank, CEO Goldbach Group: "The consolidation of Clear Channel Switzerland and Neo Advertising will considerably increase our offering in the Out-of-Home segment. Our portfolio will become even more attractive for advertising clients and, above all, we will be able to offer a wide-coverage range of Out-of-Home advertising spaces."