A. SREENIVASA REDDY (ABU DHABI)
Mubadala Capital, in collaboration with TWG Global, is taking over US outdoor advertising firm Clear Channel Outdoor Holdings, Inc. in an all-cash transaction valued at $6.2 billion, according to an official press release issued by the company.
Under the terms of the definitive agreement, shareholders of Clear Channel will receive $2.43 per share in cash, representing a 71% premium to the company’s unaffected share price of $1.42 on October 16, 2025 . The investor group will acquire 100% of Clear Channel’s outstanding common stock.
The transaction values Clear Channel at an enterprise value of $6.2 billion and includes approximately $3 billion of equity capital committed by Mubadala Capital, in partnership with TWG Global .
Apollo-managed funds have committed to invest preferred equity in the transaction, while debt financing has been committed by a group led by JPMorgan Chase Bank, N.A. and Apollo Funds.
The agreement was unanimously approved by Clear Channel’s Board of Directors and is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including regulatory approvals and shareholder approval.
Following completion, Clear Channel’s common stock will no longer be publicly traded, although the company will remain headquartered in San Antonio, Texas . The company is presently listed on the New York Stock Exchange under the ticker symbol CCO.
“This transaction reflects Mubadala Capital's approach to investing: identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value. Clear Channel is a category leader with a strong platform and significant potential ahead.
"We look forward to supporting the company and its management through active ownership, disciplined execution, and long-term capital,” said Oscar Fahlgren, Chief Investment Officer of Mubadala Capital.
Speaking to Bloomberg in the context of the deal, Fahlgren said: “We’re looking for large, complex deals, where we can unlock the complexity and generate alpha for our investors. The Clear Channel deal is a good example of that and going forward, you will continue to see us looking at situations that are similar.”
“For most big buyout funds today, complexity in transactions is not an ideal scenario,” Fahlgren said. “We embrace complexity and go deep on such situations to create long-term value. That differentiates us from the rest,” he added.
“In a way, we like to think of ourselves as specialised generalists,” Fahlgren said.
“We are not looking for auction processes and we do not think buying assets from other buyout firms in the market is going to create value in the long-term. We’re looking for opportunities in areas where others don’t play that much.”
Scott Wells, Chief Executive Officer of Clear Channel, said the transaction “delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth”.
Mark Walter, Co-Chairman and CEO of TWG Global, described the acquisition as a landmark transaction, highlighting Mubadala Capital’s ability to approach complex transactions with creativity and commit resources to high-conviction opportunities.
Wade Davis, who partnered with Mubadala Capital and TWG on the transaction, is expected to join Clear Channel as Executive Chairman following completion .
Mubadala Capital, a subsidiary of Mubadala Investment Company, manages, advises and administers over $430 billion in assets through its asset managers and strategic partnerships, investing across private equity, special opportunities and other alternative asset classes.
The transaction also includes a 45-day “go-shop” period during which Clear Channel may solicit and evaluate alternative acquisition proposals. The period will expire at 11.59pm ET on March 26, 2026.