This near-lifelong private equity buyout of Clear Channel Communications (NYSE: CCU) may finally be coming to an end. Today the Department of justice issued a statement after the close of the market. This merger is being cleared with some conditions. Assuming this closes at the stated price of $39.20, this would be indicative of a 32% merger-arb gain. Not bad at all for a near-$20 Billion private equity deal at a time when it seems like all super-deals in private equity are dead.

Bain Capital and Thomas H. Lee can acquire the radio conglomerate if it divests radio stations in Houston, Las Vegas, Cincinnati, and San Francisco. This will prevent higher advertising prices in those markets. The Antitrust Division of the DOJ filed a suit today blocking the deal, but it filed a proposed settlement that would resolve competitive concerns.

This does allow any person to submit written comments during a 60-day comment period. Just in the last couple weeks the merger-arb spread was indicating that this deal was looking at-risk.

Now if we can just get these guys to approve the Sirius Satellite Radio (NASDAQ: SIRI) and XM Satellite Radio (NASDAQ: XMSR) merger. There was a boutique research report yesterday noting that a DOJ approval may be imminent.

Jon Ogg is a partner at 247WallSt.com.