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Clear Channel Communications has entered into an agreement with a group led by Thomas H. Lee Partners, L.P. and Bain Capital Partners, LLC, in which the group will acquire Clear Channel in a transaction with a total value of approximately $26.7 billion. The agreement includes the assumption or repayment of approximately $8.0 billion of net debt.
Under the terms of the agreement, Clear Channel shareholders will receive $37.60 in cash for each share of Clear Channel common stock they hold, according to the company.
In a separate statement, Clear Channel said it intends to find buyers for 448 radio stations outside its top 100 market, as well as its TV broadcasting unit. The merger is not conditional based on the disposals, writes Forbes.
The merger is subject to the approval of Clear Channel’s shareholders, requisite regulatory approvals and customary closing conditions. Under the merger agreement, Clear Channel may solicit competing bids from third parties through December 7, 2006, and may negotiate with parties that submit competing proposals by that time until January 5, 2007.
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