Clear Channel Outdoor Holdings Inc. CCO, +0.60% announced Monday that it had entered exclusive negotiations with Equinox Industries (a Paris-based industrial holding firm) on the sale its French business. Dider Quillot would be a senior advisor to Equinox and would acquire a stake in the holding company. He would then become the non-executive Chairman of Clear Channel France. The parties hope to complete the transaction by the end of the fourth quarter. This is subject to the completion of the share purchase agreement, consultation with the employee works council and other closing conditions. The transaction does not require regulatory approval. Investors should not assume that the company will disclose financial details about the transaction. The board of the company is reviewing its other European operations. The stock is up 61% year-to-date, while S&P 500 SPX, -10.10% is up 17%.