Telecommunications company Cincinnati Bell is ready to be acquired by infrastructure asset management company Brookfield Infrastructure Partners in a $2.6 billion transaction.
According to the agreement, Cincinnati Bell shareholders will receive $10.50 in cash for each share, at the close of the transaction. The transaction price 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.
Cincinnati Bell owns and operates a data transmission and distribution network in Cincinnati and Hawaii, catering to more than 1.3 million homes. The company provides fiber broadband, video and voice services.
The acquisition is expected to close before the end of 2020, according to the two companies.