Kirkland & Ellis and Freshfields are advising on the acquisition of U.S. billboard operator Clear Channel Outdoor Holdings by a Mubadala Capital and TWG Global consortium, marking a fresh push by Gulf investors into U.S. media and infrastructure assets. The all-cash deal values NYSE-listed Clear Channel at $6.2 billion and will see the investors acquire all outstanding shares. Clear Channel’s board unanimously approved the agreement. The transaction is expected to close in the third quarter of 2026, subject to shareholder and regulatory approvals, after which Clear Channel will be delisted. Kirkland is advising Clear Channel with a 16-lawyer team led by David Klein, Patrick Salvo and Daniel Wolf. The firm previously advised the company on an $865 million debt offering in 2024 and on the proposed $497 million voluntary general offer by a consortium to acquire its controlling shareholder in 2020. Freshfields is advising Mubadala Capital and TWG Global with a team of more than 30 lawyers. The firm has previously faced Mubadala across the table when advising other clients. Separately, the firm advised Uber on its acquisition of Getir’s delivery portfolio in Turkey from Mubadala Investment Company, the Abu Dhabi sovereign wealth fund. Mubadala Capital’s deal comes amid a surge in Gulf investment in the U.S., led by sovereign wealth funds. Sovereign and public pension funds invested $132 billion in the U.S. in 2025, nearly half of their global allocations, according to Global SWF. Saudi Arabia’s Public Investment Fund (PIF) topped the rankings, while Mubadala was the most active investor for a second straight year, deploying $33.7 billion. Overall, the seven largest Gulf funds invested $119 billion, up 43% from 2024. Last year, Kirkland advised a consortium including Saudi PIF on the $55 billion take-private of Electronic Arts, one of the largest leveraged buyouts on record. Separately, Akin Gump Strauss Hauer & Feld advised Mubadala on its minority investment in U.S. healthcare technology firm Zelis. Kirkland, Latham & Watkins, and Sterlington also advised on the $40 billion acquisition of Texas-based Aligned Data Centers by a consortium including Abu Dhabi’s MGX and BlackRock’s Global Infrastructure Partners. More recently, Paul Hastings advised a majority of the investor consortium members, which includes Abu Dhabi‑based MGX alongside U.S. investors such as Oracle and Silver Lake, on the formation of TikTok’s U.S. data and operations joint venture. Other law firms, including Kirkland, Simpson Thacher & Bartlett and Hogan Lovells, also advised on elements of the transaction. SWFs and other Gulf investment vehicles are among the key drivers of U.S and UK law firm launches in the Gulf states. Kirkland’s Riyadh office, for example, advises PIF. Skadden, Arps, Slate, Meagher & Flom, which launched in Abu Dhabi last year, also counts PIF and Mubadala among its Gulf clients. In November, Morgan, Lewis & Bockius, which advises PIF and its portfolio companies, opened an office in Riyadh.