New CEO: Mubadala Completes US$6.2 Billion Clear Channel Acquisition

Mubadala Capital has completed its US$6.2 billion acquisition of Clear Channel Outdoor Holdings, taking the U.S. out-of-home advertising company private, according to reporting by invidis.com. The transaction closed October 14 after receiving all required regulatory approvals and shareholder approval, with final clearance from the Committee on Foreign Investment in the United States (CFIUS) granted on October 7.

Under the agreement announced in February, shareholders will receive $2.43 per share in cash. The New York Stock Exchange will delist Clear Channel's common stock, ending its public trading.

Wade Davis has assumed the role of chief executive officer, succeeding Scott Wells, who has stepped down as CEO and from the board of directors. Wells will remain as an advisor during the transition. Davis has also become executive chairman of the board, while John Halley joins Clear Channel as chief commercial officer, overseeing the company's commercial activities.

The acquisition by Mubadala Capital, in partnership with TWG Global, follows Clear Channel's divestiture of its European and Latin American businesses as the company concentrated on the U.S. out-of-home market. Clear Channel operates a nationwide portfolio of advertising assets, including digital billboards.