Mubadala venture buys Clear Channel Outdoor for $6.2bn

• All-cash deal for US ad company
• Mubadala partners with TWG Global 
• Clear Channel board approves transaction

Abu Dhabi’s Mubadala Capital and US private equity company TWG Global have agreed to buy US-headquartered Clear Channel Outdoor Holdings in a $6.2 billion all-cash deal.

The investor group will acquire 100 percent of the New York Stock Exchange (NYSE)-listed outdoor advertising company’s outstanding shares for $2.43 each, a 71 percent premium to the company’s unaffected stock price before speculation over a possible deal appeared in the media on October 16, 2025.

“The transaction will strengthen our financial flexibility by reducing debt and increasing cash flow to invest in the business. It will position us for the next phase of long-term growth,” Clear Channel CEO Scott Wells said in a statement. 

Clear Channel’s board has unanimously approved the deal, which is expected to close by the end of the third quarter of 2026, subject to regulatory conditions. 

Following completion of the deal, Clear Channel’s shares will be delisted. Plans remain to keep its headquarters in San Antonio, Texas.

Debt financing has been secured from a group led by JPMorgan Chase Bank and Apollo Funds.

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The agreement allows Clear Channel to have a 45-day “go-shop” period during which it can consider alternative proposals.

Shares in Clear Channel closed 1 percent higher at $21.9 on February 10 on the NYSE.

Mubadala Capital, a subsidiary of sovereign wealth fund Mubadala Investment Company, manages more than $430 billion in assets.

In an earnings report issued last May, Mubadala said it had deployed AED119 billion ($32 billion) of capital in 2024, a rise of nearly 34 percent on 2023, delivering an annualised return of more than 10 percent over the past five years.