Mubadala Capital and TWG Global to acquire Clear Channel Outdoor for $6.2bn.

Mubadala Capital, the alternative asset management subsidiary of the Abu Dhabi government's sovereign wealth fund, and TWG Global, a diversified holding company, agreed to acquire Clear Channel Outdoor, an out-of-home advertising company, for $6.2bn. "We believe this transaction delivers compelling value to our shareholders, strengthens our financial flexibility by reducing debt and increasing cash flow to invest in the business, and positions Clear Channel for its next phase of long-term growth. We appreciate that Mubadala Capital and TWG recognize the significant transformation our business has successfully undergone in recent years, and we look forward to partnering with them," Scott Wells, Clear Channel Outdoor CEO.