Cincinnati Bell to be Acquired by Brookfield Infrastructure for $2.6 Billion


  • Brookfield Infrastructure
  • Cincinnati Bell

CINCINNATI — Cincinnati Bell, together with Brookfield Infrastructure, announced an agreement through which Brookfield Infrastructure will acquire Cincinnati Bell in a transaction valued at approximately $2.6 billion.

Pursuant to the agreement, each issued and outstanding share of Cincinnati Bell common stock will be converted into the right to receive $10.50 in cash at closing of the transaction. The transaction price of $10.50 per share of Cincinnati Bell common stock represents a 36% premium to the closing per share price of $7.72 on December 20, 2019 and an 84% premium to the 60-day volume weighted average price. The transaction has received unanimous approval of Cincinnati Bell'sBoard of Directors and is subject to customary closing conditions, including Cincinnati Bell shareholder approval and regulatory approval.

Cincinnati Bell owns and operates a data transmission and distribution network in Cincinnati, Ohio and Hawaii, with a footprint of over 1.3 million homes, delivering core fiber broadband, video and voice services to residential and enterprise customers. The business is undergoing a transformation to upgrade its network to next generation fiber, which will be critical to support the growing demand for data and the advent of 5G. Thus far, Cincinnati Bell has future-proofed 50% of its network, representing more than 17,000 miles of dense metro and last-mile fiber and has plans to further upgrade its network over the next few years. The ongoing fiber upgrade allows Cincinnati Bell to provide utility-like services for broadband and data, generating stable and growing cash flows.

Brookfield Infrastructure is a global company with a long-standing history as an owner and operator of high-quality infrastructure assets. It has a global portfolio of assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe.

The transaction is expected to close by the end of 2020.



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