M&A · Industrials · Services-Advertising
Mubadala Capital to acquire Clear Channel Outdoor Holdings, Inc.
Announced Feb 9, 2026 · Closed Oct 14, 2026
Deal value$6.20BEV $6.20B
Premium71.0%To unaffected price
EV / Adj. EBITDA11.9x5.9x EV / Revenue
ConsiderationAll cash$2.43 per share
Transaction
- Acquirer
- Mubadala Capital
- Target
- Clear Channel Outdoor Holdings, Inc. (CCO)
- Buyer type
- Private equity
- Offer price per share
- $2.43
- Enterprise value
- $6.20B
- Status
- Closed Oct 14, 2026
Deal protections
- Break fee (target pays)
- $39.8M · 0.6%
- Reverse fee (buyer pays)
- $92.9M · 1.5%
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Guggenheim, JPMorgan
- To the target
- Morgan Stanley, Moelis
- Morgan Stanley fee
- $5.0M
- Moelis fee
- $4.0M
Sector context · Industrials
- Comparable deals
- 94 in the prior 24 months
- Premium
- 71.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- 11.9x vs. 10.7x sector median
- Break fee
- 0.6% vs. 2.7% sector median
Timeline
- AnnouncedFeb 9, 2026
- Proxy filedApr 2, 2026
- Definitive proxyApr 13, 2026
- Shareholder voteMay 12, 2026
- ClosedOct 14, 2026
Valuation · fairness opinions
Trading comparablesMorgan Stanley$1.61$3.52
Precedent transactionsMorgan Stanley$1.65$3.41
Future share priceMorgan Stanley$2.13$4.12
Discounted cash flowMorgan Stanley$2.00$3.89
Analyst price targetsMorgan Stanley$1.35$1.75
Discounted cash flowMoelis$1.97$4.18
Trading comparablesMoelis$1.61$3.52
Precedent transactionsMoelis$2.09$3.41
Precedent transactionsMoelis$1.61$3.52
Analyst price targetsMoelis$1.35$1.75
Offer $2.43
Implied value per Clear Channel Outdoor Holdings, Inc. share by analysis, from Morgan Stanley and Moelis.