JAKARTA, Indonesia, Jan. 9, 2025 /PRNewswire/ — On 19 December 2024, Vantage Foundation is proud to announce its partnership with Grab Indonesia in support of their Wiramudi Grab program, that is designed to empower women and help women earn an income with flexible working hours as a Grab driver-partner across Indonesia.

Launched in April 2024, the Wiramudi Grab program was designed to address the specific challenges faced by women in the workforce, particularly the difficulty in balancing rigid working hours with family responsibilities. Through its flagship campaign, Melaju dengan Syantiek, the program emphasizes the message of “Progress without Compromise,” highlighting that women should not have to choose between their career, family, or education. By joining as Grab driver partners, the program offers the flexibility for women to set their own working hours, competitive earning opportunities, and access to a wide range of benefits.

Through this partnership, Vantage Foundation has helped many women join the Grab platform by overcoming key barriers, including lack of capital and necessary driving equipment. Participants have received essential resources and financial support to start their journey as Grab driver-partners.

A focus group conducted by Grab Indonesia revealed that nearly half of the women cited access to capital and equipment as the most significant obstacles to joining the platform. This partnership has addressed these barriers, enabling women to become financially independent while supporting their families.

Since the start of the partnership in November 2024, more than 1,000 new women have joined the platform, and hundreds of existing female drivers have also benefited from the added capital, enabling them to drive and earn again.    

“Through this partnership, we are not only providing the tools women need to succeed but also creating a ripple effect of positive change,” said Steven Xie, Executive Director of Vantage Foundation. “We are proud to be part of a campaign that promotes progress and empowers women to move forward without compromise.”

The real-life impact of the Wiramudi Grab program is highlighted through testimonials from women drivers. A single mother from Bali shared how Grab’s daily EV bike rentals helped her focus on earning without worrying about vehicle costs. Similarly, a driver from Makassar expressed how being a Grab driver allowed her to support her family after her husband suffered a stroke. These stories demonstrate the program’s significant impact on empowering women and improving their communities.

Grab’s commitment to supporting its women driver-partners goes beyond financial assistance, by offering comprehensive safety features to ensure their security during rides, including a Women Passenger Preferred toggle to allow women drivers to indicate in the app that they prefer to be matched with women passengers. The company also provides training and education, safety SOPs, and vehicle service discounts through their various programs to provide support for their women driver-partners.

“At Grab, providing economic empowerment especially to disadvantaged communities like women (and People with Disabilities) is at the heart of our mission. By partnering with the Vantage Foundation, we’ve been able to remove key barriers and provide women with the capital and create income opportunities for themselves and their families. Together, we are fostering an inclusive community where women can thrive both at home and in the workforce,” said Rivana Mezaya, Director of Digital and Sustainability at Grab Indonesia.

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The Wiramudi Grab program started in April 2024 and is designed to help women earn income as Grab driver partners. In addition to providing income opportunities, the program offers ease for women to grow on the Grab platform. It is available in 18 cities across Indonesia.

To find out more about Grab and its initiatives, visit their website and for more about Melaju dengan Syantiek, visit Grab Indonesia Youtube channel.    

About Grab

Grab is a leading superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Serving over 700 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – Grab enables millions of people everyday to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app. Grab was founded in 2012 with the mission to drive Southeast Asia forward by creating economic empowerment for everyone. Grab strives to serve a triple bottom line – we aim to simultaneously deliver financial performance for our shareholders and have a positive social impact, which includes economic empowerment for millions of people in the region, while mitigating our environmental footprint.    

About Vantage Foundation

Vantage Foundation is an independent charitable organisation launched at the McLaren Technology Centre in the UK in 2023. The foundation has worked with charity organisations around the world, including the iREDE Foundation in Nigeria, Teach For Malaysia in Malaysia, and Instituto Claret in Brazil.

For more information, please visit www.vantage.foundation

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SAN ANTONIO, Jan. 9, 2025 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) (the “Company”) today announced it has entered into a definitive agreement to sell the businesses constituting its Europe-North segment to Bauer Radio Limited, a subsidiary of Bauer Media Group. The expected purchase price from the transaction of $625 million is subject to certain customary adjustments.

The all-cash consideration represents a transaction multiple of approximately 6.5x Europe-North segment results for the twelve months ended September 30, 2024¹. The Company will use the anticipated net proceeds from the sale, after payment of transaction-related fees and expenses, to prepay in full the outstanding CCIBV term loans in the principal amount of $375 million, plus any accrued interest. The remaining expected net proceeds will be subject to the asset sale provisions of the agreements governing the remainder of the Company’s indebtedness.

“This agreement to sell our Europe-North segment is another significant step in the execution of our strategic plan to optimize our portfolio and focus on growing our America and Airports segments to organically improve cash flow and reduce leverage on our balance sheet,” said Scott Wells, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “I want to thank our team for their hard work in helping us reach this agreement. Upon completion of this transaction, we will have divested the substantial majority of our European operations.”

Yvonne Bauer, Chair of the Bauer Media Board commented, “This acquisition represents a pivotal step in advancing our Group’s refocused strategy. By enhancing our core media and related businesses while driving forward our digital transformation, this move broadens our capabilities and strengthens our position as a major player in the highly competitive media industry.  We look forward to welcoming the team to Bauer Media. Together, we will create a comprehensive and innovative media offering that meets the evolving needs of our advertisers and audiences across the region.”

Justin Cochrane, Chief Executive Officer of Clear Channel Outdoor UK & Europe added, “We look forward to joining Bauer Media Group 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 and the dedication of our teams to executing for our clients and partners.”

The transaction is expected to close in 2025, upon satisfaction of regulatory approvals.

Accounting Treatment

During the fourth quarter of 2024, the Company’s plan to sell the businesses in its Europe-North segment met the criteria to be reported as discontinued operations. In accordance with U.S. Generally Accepted Accounting Principles, starting with the release of the Company’s fourth quarter 2024 results, assets and liabilities of these discontinued operations will be presented separately in the Company’s Consolidated Balance Sheets, and results of discontinued operations will be reported as a separate component of consolidated net loss in the Company’s Consolidated Statements of Loss, for all periods presented, resulting in changes to the presentation of certain prior period amounts.

Current Report on Form 8-K

Because January 9, 2025 has been declared a National Day of Mourning and U.S. federal government offices will be closed, the Company expects filing the Current Report on Form 8-K with respect to the transaction as soon as practicable after the date hereof and, in any case, no later than January 15, 2025.

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Advisors

The Company engaged Moelis & Company LLC and Deutsche Bank Securities Inc. as financial advisors to assist with the process to sell the Company’s Europe-North segment.

About Clear Channel Outdoor Holdings, Inc.

Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Our dynamic advertising platform is broadening the pool of advertisers using our medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of our diverse portfolio of assets, we connect advertisers with millions of consumers every month.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “expect,” “anticipate,” “estimate” and similar words and expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances, such as statements about the timing of closing of the sale of our Europe-North segment, the use of the proceeds therefrom, our expectations with respect to optimizing our portfolio, our expectations with respect to our America and Airports businesses, our business plans and strategies and our liquidity are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict.

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: our ability to complete the sale of the Europe-North segment on the anticipated terms and timing or at all, including obtaining regulatory approvals; disruptions from the announcement of the sale, including the diversion of management’s attention from the Company’s ongoing business operations; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the sale; our inability to optimize our portfolio, strengthen our liquidity and achieve the expected benefits from the sale; continued economic uncertainty, an economic slowdown or a recession; our ability to service our debt obligations and to fund our operations, business strategy and capital expenditures; the impact of our substantial indebtedness, including the effect of our leverage on our financial position and earnings; the difficulty, cost and time required to implement our strategy; the impact of the process to sell our businesses in Latin America and any process to sell our business in Spain; the impact of the recent dispositions or agreements to dispose of the businesses in our Europe-South segment, including the impact of the termination of the agreement to sell our business in Spain, as well as other strategic transactions or acquisitions; volatility of our stock price; the restrictions contained in the agreements governing our indebtedness limiting our flexibility in operating our business; and certain other factors set forth in our filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other key risks are described in the section entitled “Item 1A. Risk Factors” of the Company’s reports filed with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

¹ Europe-North segment results of approximately $97 million for the twelve months ended September 30, 2024 is calculated as Europe-North Segment Adjusted EBITDA of approximately $128 million less $31 million of estimated corporate costs related to the Europe-North businesses.

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NEW YORK, Jan. 9, 2025 /PRNewswire/ — Stax LLC, a global strategy consulting firm specializing in commercial due diligence, value creation, and exit planning for private equity firms, PE-backed companies, hedge funds, and investment banks, is pleased to announce the appointment of Peter Rodrigues-Renon as a Director, leading the EMEA Value Creation practice in the London office. Peter brings extensive expertise in driving value creation through the alignment of strategy, commercial insights, and operational execution.

“His proven ability to define, quantify, and implement actionable value creation plans will enhance Stax’s capabilities to deliver measurable, sustainable results for its clients,” said Vince Zosa, Managing Director, Value Creation. “Peter will drive our growth in three critical areas: expanding our European capabilities in strategy, commercial excellence, and pricing, while building on our proven success in supporting our clients’ portfolio companies; leading Stax’s international expansion to meet the increasing global needs of our private equity clients; and leveraging his deep expertise in technology—particularly in digitalization, AI, and tech-enabled growth—to advise our clients on unlocking transformational value.”

Peter’s career includes leadership roles at EY-Parthenon, Alvarez & Marsal, and PwC, where he built a track record of delivering impactful results for private equity and corporate M&A initiatives. He has led complex buy-side transactions, including multi-territory integrations, carve-outs, and public-to-private transitions. His expertise spans multiple sectors, with a particular focus on technology and software, business services, and consumer markets.

“It is a privilege to join Stax at such an exciting time,” said Peter Rodrigues-Renon. “The opportunity to scale Stax’s proven US capabilities in the UK and EMEA markets is unique and energizing. Stax’s data-driven, action-orientated mindset aligns perfectly with my approach. I focus on bridging strategy with operational execution to help private equity clients unlock the full potential of their investments. By operating at the intersection of strategy and operations, I deliver impactful, sustainable results while collaborating closely with management teams to drive success.”

Phil Dunne, UK Managing Director, highlighted the significance of Peter’s appointment. “Peter’s combination of strategic insight, operational expertise, and deep sector knowledge makes him an outstanding addition to the team. His entrepreneurial mindset, coupled with his experience in delivering value creation strategies, aligns perfectly with Stax’s culture and commitment to client success. Peter’s leadership will play a key role in accelerating our growth and delivering best-in-class outcomes for our clients in the UK and beyond.”

Stax’s London office has rapidly expanded to support growing demand from private equity firms and portfolio companies across EMEA. The addition of Peter Rodrigues-Renon reinforces Stax’s commitment to delivering transformative value creation strategies, combining local expertise with global resources to meet the evolving needs of its clients.

About Stax LLC
Stax LLC is a global management consulting firm serving corporate and private equity clients across a broad range of industries including software/technology, healthcare, business services, industrial, consumer/retail, and education. The firm partners with clients to provide data-driven, actionable insights designed to drive growth, enhance profits, increase value, and make better investment decisions. Please visit www.stax.com and follow Stax on LinkedIn, Instagram, Threads, and Facebook. 

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