Mubadala Capital and TWG Global acquire Clear Channel Outdoor in $6.2B transaction

Abu Dhabi’s Mubadala Capital, together with TWG Global, has agreed to acquire Clear Channel Outdoor Holdings in a $6.2 billion cash transaction that will take the San Antonio-based outdoor advertising company private, according to Bloomberg. Shareholders are set to receive $2.43 per share, a premium over recent market prices, as part of the arrangement.

The deal is aimed at providing financial stability to Clear Channel Outdoor and enabling long-term strategic growth under private ownership. Regulatory and shareholder approvals are required before the transaction can close, expected by late 2026.

Clear Channel Outdoor: strategic acquisition and shareholder impact

Under the agreement, the investor group will purchase all outstanding shares of Clear Channel Outdoor for cash, valuing the company at roughly $6.2 billion on an enterprise basis, including debt. The purchase price represents a notable increase over the company’s trading price prior to the announcement, highlighting the financial benefit for shareholders.

The company’s board has unanimously endorsed the transaction, recommending that shareholders vote in favor. Once completed, Clear Channel Outdoor’s stock will be delisted from public exchanges, ending its status as a publicly traded company.

Mubadala Capital and TWG Global are expected to supply the majority of the equity funding, supplemented by debt and preferred equity from partner institutions. The transaction also includes a 45-day “go-shop” period, giving Clear Channel the chance to seek competing offers, ensuring shareholders can consider the best available value.

All standard closing conditions apply, including regulatory review and shareholder approval. If these requirements are met, the acquisition is anticipated to be finalized by the third quarter of 2026.

Following the announcement, Clear Channel’s shares rose in after-hours trading, reflecting investor approval of the premium price. Leadership changes are also expected, with industry veteran Wade Davis, involved in the acquisition, likely to take a key executive role, guiding the company under its new private ownership structure.

The private acquisition aims to give Clear Channel Outdoor more operational flexibility, enhance its balance sheet, and support investments in its advertising platforms without the pressures of quarterly public reporting.

Clear Channel Outdoor: industry trends and growth strategy

Clear Channel Outdoor operates one of the largest U.S. networks for out-of-home advertising, including billboards, transit signage, and airport displays. In recent years, the company has focused on its core U.S. operations while reducing international holdings to improve efficiency and financial performance.

The broader out-of-home advertising industry faces competition from digital media, requiring companies to adapt by integrating digital offerings and data-driven targeting. Clear Channel has made these adjustments in preparation for sustained growth and to remain competitive in a changing advertising landscape.

For Mubadala Capital, the acquisition expands its exposure to media infrastructure with stable, long-term revenue potential. TWG Global’s participation reflects a strategy of investing in established platforms with growth opportunities, especially those that can benefit from operational restructuring outside public market pressures.

The acquisition of Clear Channel Outdoor by Mubadala Capital and TWG Global represents a significant shift for the company and the out-of-home advertising sector. Shareholders receive immediate value through a cash premium, while the company gains flexibility and long-term planning capacity under private ownership. Subject to approvals, the deal is expected to close by late 2026, marking a new chapter for Clear Channel Outdoor’s operations and strategic direction