Clear Channel rebuffs German bid

A GERMAN private equity bid for digital billboard giant Clear Channel’s UK and European business has fallen by the wayside, The Mail on Sunday has learned.

Aurelius Group had its eye on the assets put on the block by US behemoth Clear Channel, whose advertising displays can be found around the UK.

But talks screeched to a halt recently, a source said, with Clear Channel holding out for a price in the region of £1billion, while Aurelius was willing to pay only about half of that. Earlier this month, Aurelius, which manages assets worth £850million, snapped up Footasylum from JD Sports for £37.5million. It also owns the Lloyds Pharmacy chain in the UK.

Clear Channel put a for sale sign over its European business in February. But last week, it said it was talking to potential buyers for the European arm’s lower-margin operations.

That suggests it has abandoned the attempt to sell the UK and European operation and is looking at piecemeal sales. Clear Channel and Aurelius were contacted for comment.