JCDecaux abandons €60 Million Clear Channel Spain acquisition
JCDecaux halts Clear Channel Spain acquisition following 14-month regulatory review, citing economic and strategic concerns.
JCDecaux SE, the world's leading outdoor advertising company, announced today, October 28, 2024, its decision to terminate the planned acquisition of Clear Channel's Spanish operations, which was initially unveiled on May 30, 2023. The €60 million deal faced significant regulatory scrutiny from the Spanish competition authority (Comisión Nacional de los Mercados y la Competencia).
The acquisition process, which extended over 14 months of examination, encountered substantial regulatory hurdles. According to JCDecaux, the Spanish Authority's requirements regarding the nature, schedule, and implementation of necessary commitments ultimately led to the deal's termination. These regulatory demands compromised both the economic and strategic benefits initially anticipated from the merger.
The original agreement valued Clear Channel Spain at €60 million, representing a multiple of 6.7 times the last twelve months' EBITDA as of March 2023, pre-synergies. This valuation was part of a larger strategic move that included Clear Channel's Italian operations, with a combined consideration of €75.1 million for both markets.
JCDecaux maintains its position as the worldwide leader in outdoor advertising, with significant market presence including:
- 1,056,833 advertising panels globally
- Operations in 3,918 cities with populations exceeding 10,000
- A daily audience reach of 850 million people across more than 80 countries
- 11,650 employees worldwide
JCDecaux continues to hold its position as Europe's leading outdoor advertising company, with:
- 708,620 advertising panels across Europe
- Leadership in street furniture with 630,196 advertising panels globally
- Dominant position in transport advertising, managing 153 airports and 258 contracts in metros, buses, trains, and tramways
The company's current financial performance shows:
- H1 2024 revenue: €1,807.6 million
- 2023 revenue: €3,570.0 million
Key Facts
- Initial agreement signed: May 30, 2023
- Regulatory review period: 14 months
- Original deal value: €60.0 million
- Market presence: Over 80 countries
- Total global advertising panels: 1,056,833
- Current employee count: 11,650
- European advertising panels: 708,620
- Transport advertising contracts: 258
- Airport presence: 153 locations