Clear Channel: Final Regulatory Hurdle Cleared
CFIUS has approved Clear Channel Outdoor's acquisition by Mubadala Capital, with the deal expected to close on or about October 14.
Clear Channel Outdoor has cleared the last regulatory hurdle in its sale to Mubadala Capital, with the Committee on Foreign Investment in the United States (CFIUS) approving the transaction, according to invidis. CFIUS is the interagency panel that reviews foreign investments in U.S. companies for national security risks. Clear Channel said all regulatory requirements for the deal have now been met.
The company expects the transaction to close on or about October 14, contingent on the remaining customary conditions being satisfied. Once the deal closes, Clear Channel's stock will stop trading on the New York Stock Exchange. The closing had originally been expected in the third quarter.
The agreement was reached in February, when a subsidiary of Abu Dhabi's Mubadala Investment Company — Mubadala Capital — struck a deal with TWG Global to acquire Clear Channel. The transaction is valued at $6.2 billion, with shareholders receiving $2.43 per share in cash.
Clear Channel has spent recent years selling off its European businesses to concentrate on the U.S. market, a strategic shift that underpins the Mubadala Capital deal. The projected October 14 closing date remains an expectation rather than a confirmed date, contingent on outstanding customary conditions in the purchase agreement.