Newstalk and Today FM owner Bauer Media buys outdoor advertising company Clear Channel Europe-North

In addition to Ireland the deal includes operations in 12 markets including the UK, Belgium, Denmark and other European countries. The transaction is expected to close this year – subject to regulatory approvals in the individual countries.

Given the sector, that’s likely to include examination under Ireland’s at times lengthy media merger approvals process including examination by the Consumer Protection and Competition Commission (CPCC)

If regulatory approvals have not been obtained 24 months from the date of announcement a cash fee of $20m will be payable to Clear Channel, which is being advised by Moelis and Deutsche Bank on the deal.

Bauer Media’s lead M&A adviser was LionTree Advisers. Reed Smith served as legal adviser. The company was also advised by OOH Capital, Deloitte and Herbert Smith Freehills

Clear Channel operates billboards, street furniture, phone kiosks and digital screens including local advertisement platforms at Dundrum Town Centre and the Luas.

“Bringing together our two companies’ offerings will enable us to reach 350 million consumers through 200 magazine brands, 150 audio brands, and 110,000 out-of-home sites across Europe,” said Yvonne Bauer, chair of Germany-headquartered Bauer Media.

“This expands the scope of what we can offer advertisers, in turn giving them the opportunity to amplify the impact and relevance of their campaigns in an increasingly connected and digital world.”

Currently Ireland’s largest media radio group, the addition of Clear Channel Europe will widen Bauer Media’s offer to advertisers with more consumer-focused campaigns across Europe. Clear Channel Europe’s leadership team will continue to lead the out-of-home operations and 1,400 staff.

“We look forward to joining Bauer Media to build upon the strong foundation that we have established in these European markets as a part of Clear Channel Outdoor. The consistent top-line performance of our Europe-North assets year-to-date underscores the growing demand in these markets,” says Justin Cochrane, CEO of Clear Channel Outdoor UK & Europe.

There is no financing condition on the transaction, which means the acquisition does not depend on outside debt.