Kirkland Advises Clear Channel Outdoor on $6.2 Billion Sale to Mubadala Capital and TWG Global

Kirkland & Ellis advised Clear Channel Outdoor Holdings, Inc. (NYSE: CCO), a leader in U.S. out-of-home advertising, on a definitive agreement to be acquired by Mubadala Capital, in partnership with TWG Global. The all-cash transaction values Clear Channel at an enterprise value of $6.2 billion. With approximately $3 billion of equity capital committed, this investment is expected to enhance the company's financial flexibility, support ongoing deleveraging efforts and reposition it to pursue new avenues of growth. The transaction was announced February 9, 2026 and is expected to close by the end of the third quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals and approval by Clear Channel's common shareholders.

Read the transaction press release

The Kirkland team included corporate lawyers David Klein, Patrick Salvo, Daniel Wolf, Natasha Shah and Claire Wolf; capital markets lawyers Ross Leff, Drew Maliniak, Ana Sempertegui and Katie Conterio; executive compensation lawyer Rob Fowler; tax lawyer Sara Zablotney; technology & IP transactions lawyer Daisy Darvall; international trade & national security lawyer Luci Hague; and debt finance lawyers Carolyn Aiken, Michelle Kilkenney and Alex Straka.