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Brookfield Infrastructure buying Cincinnati Bell in $2.6B deal

Brookfield Infrastructure Partners LP and its institutional partners agreed to acquire Cincinnati Bell Inc. in a transaction valued at about $2.6 billion, including debt.

Under the transaction, each issued and outstanding share of Cincinnati Bell common stock will be converted into the right to receive $10.50 in cash upon deal closing. 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 Dec. 20, and an 84% premium to the 60-day volume weighted average price.

In a statement, Cincinnati Bell President and CEO Leigh Fox said the support from the global infrastructure company will allow Cincinnati Bell to enhance its networks and services, in addition to helping the company expand its fiber network.

Cincinnati Bell's board unanimously approved the proposed transaction, which is expected to close by the end of 2020. The deal remains subject to customary closing conditions, including approval from Cincinnati Bell shareholders and regulators.

Brookfield Infrastructure tapped White & Case LLP as its lead legal adviser for the transaction. Financing will be led by a syndicate of banks, including Bank of America, BMO Capital Markets Corp., Citigroup Global Markets Inc., TD Securities and Wells Fargo Securities LLC. Morgan Stanley & Co. LLC and Moelis & Co. LLC are acting as financial advisers, and Cravath Swaine & Moore LLP, Morgan Lewis & Blockius LLP, and BosseLaw PLLC are acting as legal advisers to Cincinnati Bell.