Abu Dhabi’s Mubadala Capital will acquire US-listed Clear Channel Outdoor in a deal that values the advertising company at $6.2 billion. Mubadala Capital is partnering with TWG Global on the deal to take over the billboard company, which has been under pressure from activist investor Anson Funds Management to sell itself. The all-cash offer values Clear Channel stock at a 71% premium to the share price before media reports revealed in October that talks were underway.
TWG acquired a minority stake in Mubadala Capital last year as part of a plan to increase cooperation between the two investors and get access to more opportunities.
Mubadala Capital was launched by the Abu Dhabi sovereign wealth fund Mubadala about 15 years ago to manage third-party capital. It now has assets under management of about $30 billion and last month raised $554 million for its first co-investment fund, surpassing its initial target, in the latest sign of growing investor appetite for exposure to the firm’s deal flow.