A company owned by Abu Dhabi’s Mubadala Investment Company is said to be preparing to acquire the US-based billboard firm Clear Channel Outdoor Holdings.
According to Bloomberg, which cited anonymous sources, Mubadala Capital—the asset management division of Abu Dhabi’s sovereign wealth fund—is currently engaged in discussions regarding a possible purchase of the billboard operator.
Following the announcement, Clear Channel Outdoor’s shares surged nearly 20 percent by Friday’s close, valuing the company at approximately $845 million. Despite this, the US firm reportedly carries close to $6.4 billion in debt.
Anson Funds Management, an alternative asset investor and the sixth largest shareholder in Clear Channel Outdoor, has advocated for the company’s sale. Under activist pressure, Clear Channel has already divested its operations in several international markets such as France, Brazil, and Spain.
In April, TWG Global—a holding firm headed by investors Mark Walter and Thomas Tull—invested $2.5 billion in Mubadala Capital and secured a strategic minority stake in the asset management company.
In August, Mubadala Capital acquired a share in US-based AI firm Anaconda, participating in a $150 million funding round.
Mubadala Capital oversees more than $30 billion in assets across four investment sectors: private equity, special situations, solutions, and venture capital.
