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The Clear Channel Outdoor $6.2 Billion Private Acquisition
Clear Channel Outdoor Take-Private: Mubadala and Twg Agree $6.2b All-Cash Deal
What happened
Clear Channel Outdoor ($CCO) agreed to be acquired by Mubadala Capital, partnered with TWG Global, in an all-cash transaction valuing the company at about $6.2B. Shareholders are set to receive $2.43 per share in cash, a large premium to the pre-deal price. The deal includes a 45-day go-shop window, so Clear Channel can solicit alternative bids. Apollo ($APO) is committing preferred equity as part of the financing, and the debt financing group is led by JPMorgan Chase ($JPM).
Why the market cares
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The skinny
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