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DooH from Clear Channel Outdoor at a U.S. airport (Image: CCO)
DooH from Clear Channel Outdoor at a U.S. airport (Image: CCO)

Clear Channel: Final Regulatory Hurdle Cleared

The sale of a U.S. billboard company to an arm of an Abu Dhabi sovereign wealth fund is close to completion. Its shares will soon stop trading.

The Committee on Foreign Investment in the United States, CFIUS, has cleared the acquisition of Clear Channel Outdoor by Mubadala Capital. The interagency panel reviews foreign investments in U.S. companies for national security risks. According to Clear Channel, all regulatory requirements for the deal have now been met.

The transaction is expected to close on or about October 14, provided the remaining customary conditions are met. Clear Channel’s stock will then stop trading on the New York Stock Exchange. The deal was originally expected to close in the third quarter.

In February, the subsidiary of Abu Dhabi’s Mubadala Investment Company agreed with TWG Global to acquire Clear Channel in a deal valued at $6.2 billion. Shareholders will receive $2.43 per share in cash. In recent years, Clear Channel has sold off its European businesses to focus on the U.S. market.