JCDecaux as part of a consortium of investors to take Clear Media Limited private
Paris, July 5th, 2021 – JCDecaux SA (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announces that a consortium of investors to which it is part of will, through the special purpose vehicle (“Offeror”) wholly owned by the consortium, make a voluntary conditional offer to take Clear Media Limited (“Clear Media”), a company listed on the Hong Kong Stock Exchange, private.
The consortium comprises Mr. Han Zi Jing, Chief Executive Officer of Clear Media (“Mr. Han”) at 40%, Antfin (Hong Kong) Holding Limited (“Antfin”) at 30%, JCDecaux Innovate (a wholly owned subsidiary of JCDecaux SA) at 23% and China Wealth Growth Fund III L.P. (“CWG Fund”) at 7%.
The Offeror currently owns approximately 88% of Clear Media’s share capital.
The offer is conditional upon the satisfaction or waiver of the conditions described in the offer announcement jointly made by the Offeror and Clear Media today.
Aimia Inc. (Toronto Stock Exchange: AIM), who owns approximately 11% of the issued share capital of Clear Media, gave its irrevocable undertaking to tender its shares in favour of the offer. Once Aimia tenders its shares for acceptance of the offer, the offer will become unconditional as to acceptance.
Clear Media is the largest operator of bus shelter advertising panels in the People’s Republic of China (“PRC”), operating a total of more than 59,000 panels covering 24 cities as of December 31st, 2020.
JCDecaux started operating in Hong Kong in 1999, Macau in 2001 and Mainland China in 2005, and is the leading Out-of-Home Media company in Transport advertising (airports, metro and bus) in the PRC.
Mr. Han Zi Jing is currently the Chief Executive Officer and an Executive Director of Clear Media.
Antfin is a company incorporated in Hong Kong with limited liability and an indirect wholly-owned subsidiary of Ant Group Co., Ltd.
CWG Fund is an exempted limited partnership registered under the laws of the Cayman Islands, whose general partner is JT China Wealth Management Limited and whose sole limited partner is Empyrean Management (Hong Kong) Limited, which is in turn wholly-owned by JIC Capital Management (Tianjin) Limited, a PRC state-owned enterprise, and is principally engaged in private equity investment.
Goldman Sachs and Slaughter and May are acting as JCDecaux’s financial and legal advisors respectively.