Clear Channel Outdoor Holdings, an American out-of-home advertising company, has closed the previously announced $94.2 million sale of its Swiss operations to TX Group’s affiliate Goldbach Group, a Switzerland-based media agency.

The deal was announced in December 2022 and was subject to regulatory approval and other conditions. The regulatory approval from the Swiss Competition Commission for the transaction came earlier this month.

According to Clear Channel Outdoor Holdings CEO Scott Wells, the sale was the result of the company’s review of strategic options for its European operations and advances towards its aim of improving its portfolio to serve the best interest of shareholders.

Clear Channel Outdoor Holdings expects the net cash proceeds from the sale that remain after the settlement of transaction-related costs and fees will be used to increase liquidity and flexibility of finances in Europe according to the agreement on debt of the company.

  Clear Channel Outdoor Holdings, Goldbach Group, Scott Wells, Switzerland, TX Group