We are advising TWG Global on the transaction

Davis Polk is advising TWG Global in partnership with Mubadala Capital on its acquisition of Clear Channel Outdoor Holdings, Inc. at an enterprise value of $6.2 billion. The transaction is expected to close by the end of the third quarter of 2026, subject to customary closing conditions. Following the close of the transaction, Clear Channel’s common stock will no longer be listed for trading on any public market.

TWG Global operates and invests in businesses with untapped potential and guides them to new levels of growth.

Mubadala Capital is a global alternative asset management platform that manages, advises and administers for clients and limited partners over $430 billion in assets through its asset managers and strategic partnerships.

Clear Channel is at the forefront of driving innovation in the out-of-home advertising industry.

The Davis Polk corporate team is led by partner Michael Davis and counsel Alon Benjamin Harish. All members of the Davis Polk team are based in the New York office.

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