Mubadala Capital Completes $6.2b Acquisition of Clear Channel Outdoor

Mubadala Capital has completed its acquisition of Clear Channel Outdoor Holdings in a transaction valued at approximately $6.2B, following regulatory clearances and approval from Clear Channel shareholders.

The deal takes the U.S. out-of-home advertising company private. Clear Channel’s common stock will stop trading and be delisted from the New York Stock Exchange.

Wade Davis has become Clear Channel’s chief executive, replacing Scott Wells, who stepped down as CEO and from the company’s board. Wells will remain as an advisor during the transition, while Davis will also serve as executive chairman.

John Halley has joined the company as chief commercial officer, overseeing its commercial activities.

Clear Channel operates an advertising platform built around digital billboards and displays, data analytics and programmatic capabilities. The company said the acquisition closed after all applicable regulatory approvals were received.

Mubadala Capital, the global alternative asset management platform of Abu Dhabi-based Mubadala Investment Company, manages and advises on assets through private equity, credit, venture capital and other investment strategies, according to the announcement.

Source: Yahoo Finance