Mergers & Acquisitions ·
Mubadala completes $6.2B acquisition, paying $2.43 per share and delisting Clear Channel from NYSE
CCOClear Channel Outdoor Holdings, Inc.
Mubadala Capital completed its previously announced acquisition of Clear Channel Outdoor Holdings, Inc., valuing the transaction at approximately $6.2 billion. Each outstanding share of common stock was converted into the right to receive $2.43 in cash. Concurrent with closing, Wade Davis became CEO and Executive Chairman, succeeding Scott Wells, while the entire board resigned and new directors were appointed. The company's common stock ceased trading on the New York Stock Exchange, and it requested deregistration under Section 12(b) of the Securities Exchange Act. To fund the transaction, Mubadala contributed approximately $3.3 billion in equity, supplemented by incremental term loans and cash on hand. Clear Channel Outdoor Holdings operates as a leader in U.S. out-of-home advertising.