Mubadala Capital, a unit of Abu Dhabi's sovereign wealth fund, and US asset manager TWG Global have signed a definitive agreement to acquire US billboard operator Clear Channel Outdoor for an enterprise value of $6.2 billion.

The investor group will acquire Clear Channel’s outstanding common stock, which trades on the New York Stock Exchange (NYSE), for $2.43 per share in cash.

The offer represents a 71% premium to the unaffected share price of $1.42 on October 16, 2025, the last trading day before media reports of a potential transaction, Clear Channel said in a statement.

Mubadala Capital and TWG have committed nearly $3 billion in equity financing. In addition, Apollo-managed funds will invest preferred equity in the transaction.

 Mubadala Capital is a wholly owned subsidiary of Mubadala Investment Company.

The agreement has been unanimously approved by Clear Channel’s board of directors. The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions.

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

Clear Channel will no longer be listed for trading on any public market following the completion of the deal.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)