San Antonio-based Clear Channel Outdoor Holdings, the world’s largest out-of-home advertiser, has agreed to be acquired and taken private by a partnership of Mubadala Capital and TWG Global in a $6.2 billion all-cash deal.
Under the agreement, the investors — which also includes former TelevisaUnivision CEO Wade Davis — will continue to be headquartered in San Antonio with Davis as board chair.
Kirkland & Ellis is legal advisor to Clear Channel and Freshfields is legal counsel to Abu Dhabi-based Mubadala Capital.
Morgan Stanley served as financial advisors to Clear Channel while Guggenheim Securities (a TWG portfolio company) and J.P. Morgan Securities are advising Mubadala.
The Kirkland team was led by David Klein (New York) and Patrick Salvo (Austin) along with Daniel Wolf (New York), Natasha Shah (New York) and Claire Wolf (Austin); capital markets lawyers included Ross Leff (New York), Drew Maliniak (New York), Ana Sempertegui (Chicago) and Katie Conterio (Chicago); executive compensation lawyer Rob Fowler (Houston); tax lawyer Sara Zablotney (New York); technology & IP lawyer Daisy Darvall (New York/Austin); international trade & national security lawyer Luci Hague (Washington, D.C.); and debt finance lawyers Carolyn Aiken (Chicago), Michelle Kilkenney (Chicago) and Alex Straka (Chicago).
Under terms of the agreement, the Mubadala-led investors will pay $2.43 per share for all of Clear Channel’s common stock. The pricing represents a 71 percent premium over its unaffected share price of $1.42 on October 16, 2025, the last day before media reports of a potential sale of the company. The deal is expected to close by the end of the third quarter of 2026. Clear Channel does have a “go-shop” period under the agreement that allows the company to seek a superior proposal. That period expires March 2.
Equity financing will be provided by Mubadala Capital alongside a preferred equity investment by Apollo-managed funds. Debt financing has been committed by led by JP Morgan, Chase Bank and Apollo Funds.