M&A Deal Summary

Thomas H. Lee Partners and Bain Capital Private Equity Acquire iHeartMedia

On November 16, 2006, private equity firms Thomas H. Lee Partners and Bain Capital Private Equity acquired media company iHeartMedia for 26.7B USD

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 4th and Bain Capital Private Equity’s 6th transaction in the Media sector.
  • This is Thomas H. Lee Partners’ and Bain Capital Private Equity’s 2nd largest (disclosed) transaction.
  • This is Thomas H. Lee Partners’ 20th and Bain Capital Private Equity’s 39th transaction in the United States.
  • This is Thomas H. Lee Partners’ 1st and Bain Capital Private Equity’s 2nd transaction in Texas.
Investment Fate
  • iHeartMedia went bankrupt in 2018.

M&A Deal Summary
Date 2006-11-16
Target iHeartMedia
Sector Media
Buyer(s) Thomas H. Lee Partners
Bain Capital Private Equity
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 26.7B USD
Advisor(s) Goldman Sachs (Financial)
Akin Gump Strauss Hauer & Feld (Legal)

Target

iHeartMedia

San Antonio, Texas, United States
iHeartMedia is a diversified media and entertainment company with three reportable business segments, iHeartMedia, Americas outdoor advertising, and International outdoor advertising. iHeartMedia is based in San Antonio, Texas.

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Buyer(S) 2

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 28 of 90
Sector (Media) 4 of 5
Type (Buyout (LBO, MBO, MBI)) 11 of 17
State (Texas) 1 of 5
Country (United States) 20 of 77
Year (2006) 6 of 6
Size (of disclosed) 1 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-14 US LEC

Charlotte, North Carolina, United States

US LEC provided voice and data communications services to medium and large size businesses in the Southeast and Mid-Atlantic U.S.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-30 HMH

Boston, Massachusetts, United States

HMH is a learning technology company committed to delivering connected solutions that engage learners, empower educators and improve student outcomes. As a leading provider of K–12 core curriculum, supplemental and intervention solutions, and professional learning services, HMH partners with educators and school districts to uncover solutions that unlock students' potential and extend teachers' capabilities. HMH serves more than 50 million students and four million educators in 150 countries. HMH was founded in 1832 and is based in Boston, Massachusetts.

Sell $3.4B
Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.

DEAL STATS #
Overall 53 of 236
Sector (Media) 6 of 9
Type (Buyout (LBO, MBO, MBI)) 17 of 50
State (Texas) 2 of 10
Country (United States) 39 of 124
Year (2006) 13 of 14
Size (of disclosed) 2 of 72
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-06 Bloomin Brands

Tampa, Florida, United States

Bloomin' Brands is a casual dining restaurant with a portfolio of brands that includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, and Roy's Hawaiian Fusion Cuisine. Bloomin' Brands was founded in 1988 and is based in Tampa, Florida.

Buy $3.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-17 HCA Healthcare

Nashville, Tennessee, United States

HCA Healthcare is a national healthcare service provider. HCA operates general and acute care hospitals with a full range of services to accommodate such medical specialties as internal medicine, general surgery, cardiology, oncology, neurosurgery, orthopedics and obstetrics, as well as diagnostic and emergency services. Outpatient and ancillary health care services are provided by general, acute care hospitals, freestanding surgery centers, diagnostic centers, and rehabilitation facilities. HCA's psychiatric hospitals provide a full range of mental health care services through inpatient, partial hospitalization and outpatient settings. HCA Healthcare was formed in 1968 and is based in Nashville, Tennessee.

Buy $33.0B
Mergr

Product

Company

Legal