Cincinnati Bell to be Acquired for $2.9 Billion

 

  • Cincinnati Bell

CINCINNATI — Cincinnati Bell, together with Macquarie Infrastructure Partners (MIP), announced an agreement through which a MIP-controlled subsidiary will acquire all outstanding shares of Cincinnati Bell for $15.50 per share in a cash transaction valued at approximately $2.9 billion, including debt.

The transaction follows the determination by Cincinnati Bell's Board of Directors that the MIP proposal constituted a "Superior Proposal" as defined in Cincinnati Bell's previously announced merger agreement with Brookfield. Following the expiration of the Brookefield negotiation period, Cincinnati Bell terminated that agreement paying Brookfield a $24.8 million break-up fee.

Cincinnati Bell Enhances its Position to Deliver IT Services

Leigh Fox, president and CEO of Cincinnati Bell, continued, "This transaction with MIP represents an exciting opportunity to enhance our financial position and expand our resources to better serve our customers. MIP exhibits deep telecommunications expertise and a strong track record of investing in capital intensive businesses, which will be critical as we deliver on our strategy to drive next generation, integrated communications through an expanded fiber network as well as our IT services platform. We firmly believe this transaction will allow us to enhance our services and drive long-term value for our customers in HawaiiOhioKentucky, and Indiana and across North America."

The transaction is expected to close in the first half of 2021.

Comments

Read what others have to say, and share your own thoughts with the community.

2000 characters remaining
Advertisement

© 2021 Broadband Properties, LLC

Privacy Policy

Web Design and Web Development by Buildable