Clear Channel deal still going but no close date yet
Posted by: admin in Engagements and Deals NewsFiled under: Deals, Top deals, Thomas H. Lee Partners
Yet again, there are rumors surrounding the proposed $20 billion buyout deal for Clear Channel Communications Inc (NYSE: CCU). Even with the recent moves from the Fed, the credit crunch seems to be in full force. As a result, bankers are not holding back on (re)negotiations.
On CNBC yesterday, Scott M. Sperling gave an interview. He’s the co-president of Thomas H. Lee Partners, which is one of the private equity sponsors of the Clear Channel transaction (the other partner is Bain Capital).
His take on the deal? Well, as should be no surprise, he’d no comment on the status. However, he’s certainly nervous about the financial system. He talked about the problems with the default swap market and even commercial real estate.
Interestingly enough, he thinks the recession could last from 12 to 24 months. At the same time, he believes there will ultimately be some good deals for private equity operators.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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