Advertising company Clear Channel Outdoor Holdings Inc. has agreed to be acquired by Mubadala Capital in partnership with TWG Global in an all-cash deal valuing the company at $6.2 billion.

Clear Channel's stock was up about 8% on Tuesday after it announced late Monday that it agreed to be acquired. (Photo by Smith Collection/Gado/Sipa USA) (Sipa via AP Images) Freshfields LLP is guiding Mubadala, led by corporate partners Ethan Klingsberg and Oliver Board. Kirkland & Ellis LLP is advising Clear Channel.

Under the agreement, Clear Channel shareholders will receive $2.43 per share, a 71% premium to the company's last unaffected closing price of $1.42 on Oct. 16, Clear Channel said in a late Monday deal announcement.

The transaction, unanimously approved by Clear Channel's board, is expected to close by the end of the third quarter of 2026, subject to customary regulatory approvals and shareholder consent.

Following completion, Clear Channel's stock will no longer trade publicly. The stock was up about 8% on Tuesday.

The deal is backed by roughly $3 billion in equity from Mubadala Capital and TWG, alongside debt financing led by JPMorgan Chase and Apollo-managed funds, the announcement said.

The Apollo funds have also committed preferred equity. Clear Channel will have a 45-day "go-shop" period to solicit alternative bids, which expires March 26, the announcement noted.

Scott Wells, CEO of Clear Channel, said the transaction "delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth."

Oscar Fahlgren, chief investment officer of Mubadala, said the acquisition reflects the firm's investment approach of "identifying high-quality businesses where complexity creates opportunity and long-term partnership drives value."

Mark Walter, co-chairman and CEO of TWG, said the deal sets Clear Channel and its management team up "to lead the sector at this exciting inflection point and build the next generation of digital advertising infrastructure."

Wade Davis, a media and technology veteran who partnered with Mubadala and TWG on the deal, is expected to join Clear Channel as executive chair, the announcement said.