Brookfield plans new financing for purchase of Cincinnati Bell

By Sarah Lizee

Olympia, Wash., Dec. 23 – Brookfield Infrastructure plans to get new financing to help fund its and its institutional partners’ proposed acquisition of Cincinnati Bell Inc., according to a press release.

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.

The transaction is valued at about $2.6 billion, including debt.

Under 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 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.

The transaction is subject to customary closing conditions and is expected to close by the end of 2020.

Cincinnati Bell is a Cincinnati-based provider of integrated communications solutions. Brookfield is a global infrastructure company that owns and operates high quality, long-life assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe.

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