Clear Channel Outdoor Holdings said on Monday it had agreed to be acquired by Mubadala Capital, in partnership with TWG Global, in a deal valuing the U.S. billboard operator at $6.2 billion.
Under the terms of the agreement, Clear Channel Outdoor shareholders will receive $2.43 per share in cash, representing a 71% premium to the company’s unaffected share price, it said.
The company said equity financing for the transaction will be provided by Mubadala Capital alongside TWG Global, while funds managed by Apollo Global Management have committed to invest preferred equity in the deal.
Clear Channel Outdoor added that the agreement includes a 45-day “go-shop” period, allowing the company to solicit alternative acquisition proposals.
Source: Reuters.com