SAN ANTONIO The long-delayed deal to take radio and billboard company Clear Channel Communications Inc. private closed yesterday.
Bain Capital Partners and Thomas H. Lee Partners bought the nation s largest radio station operator for $17.9 billion, paying investors $36 per share. The equity firms assumed $5.9 billion in debt.
The deal, announced in November, 2006, was delayed by investors who wanted more money and a chance to continue owning a portion of the company. By the time they were satisfied, the credit market seized up and lenders were reluctant to fund the deal.