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Mubadala snaps up US advertising firm: Mubadala Capital fully acquired the US-based outdoor advertising player Clear Channel Outdoor Holdings for USD 6.2 bn in partnership with the US-based investment firm TWG Global, according to a press release. Mubadala committed around USD 3 bn in equity to support deleveraging, fund growth, and shore up financial flexibility.
On the valuation front: The allcash transaction snapped up 100% of Clear Channel’s outstanding shares for USD 2.43 per share, a 71% premium over its share price of USD 1.42 before news of the transaction came to light.
Footing the bill: The buyers secured debt financing from a group led by JPMorgan Chase Bank and Apollo Funds. Apollo is also backing the transaction by contributing an undisclosed amount of preferred equity.
Not out of the woods yet: The transaction is expected to close by 3Q 2026, subject to regulatory and shareholder approval. After the transaction is closed, Clear Channel’s common stock will be delisted from the NYSE. The seller now has a 45-day period to solicit other bids, expiring on 26 March.
Advisors: Guggenheim Securities and JPMorgan Securities advised Mubadala Capital on the transaction, while the UK-based law firm Freshfields served as counsel. Morgan Stanley and Moelis & Company advised the seller, with Kirkland & Ellis providing counsel.
In other M&A news
Mubadala is selling Turkish delivery firm Getir’s food delivery arm to Uber in a USD 335 mn transaction, according to a filing to the US Securities and Exchange Commission. Uber will fully acquire the business in a cashfree, debtfree agreement, with the takeover expected to close in 2H of this year, subject to regulatory approval.
That’s not all: Uber will also invest USD 100 mn to take a 15% stake in Getir’s grocery, retail, and water delivery arm, setting the stage to increase its holding to 100% over the next few years, the filing read.
ICYMI- This acquisition has been in the works for a while. In November, Uber and Mubadala sought regulatory approval for the move, following preliminary talks earlier that month regarding Uber’s acquisition of the Turkish firm. At the time, reports cited the value of the proposed acquisition at as much as USD 1 bn. Mubadala had offloaded Getir’s car rental subsidiary last year.
Another offload in the works? Mubadala was also reported to be considering selling Getir’s finance arm.
