Clear Channel Communications Inc., the nation’s biggest radio station owner, said Thursday it has agreed to be acquired for about $18.7 billion by an investment group, the Associated Press reported.

The transaction would be one of the biggest deals in which a company has been taken private, and showcases the vast sums that buyout groups have been able to assemble to acquire public companies.

An investor group led by Thomas H. Lee Partners LP and Bain Capital Partners LLC is paying $37.60 in cash for each share of Clear Channel, a 10.2 percent premium over its closing price on Wednesday.

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The buyers are also assuming about $8 billion in debt in the deal.