Mubadala Capital takes the US OoH company private following regulatory and shareholder approvals. Wade Davis succeeds Scott Wells as CEO.
New CEO: Mubadala Completes US$6.2 Billion Clear Channel Acquisition
Mubadala Capital has completed its US$6.2 billion acquisition of Clear Channel Outdoor Holdings, taking one of the largest US out-of-home advertising companies private.
The transaction closed October 14 following the receipt of all required regulatory approvals and approval by Clear Channel shareholders. The company received its final regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) on October 7.
Under the terms of the agreement announced in February, shareholders will receive $2.43 per share in cash. The New York Stock Exchange will delist Clear Channel’s common stock, ending its public trading.
New leadership
With the acquisition completed, Wade Davis has assumed the role of CEO, succeeding Scott Wells, who has stepped down as CEO and from the board of directors. Wells will remain as an advisor during the transition.
Davis has also become executive chairman of the board, while John Halley joins Clear Channel as chief commercial officer, overseeing the company’s commercial activities.
The acquisition by Mubadala Capital, in partnership with TWG Global, follows Clear Channel’s divestiture of its European and Latin American businesses as it concentrated on the U.S. OoH market.
The company operates a nationwide portfolio of advertising assets, including digital billboards, and has expanded its use of data analytics and programmatic advertising.