Brookfield Infrastructure to acquire Cincinnati Bell for USD2.6bn

2 Jan 2020

Brookfield Infrastructure, which owns a global portfolio of assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe, has agreed to acquire US regional operator Cincinnati Bell in a transaction valued at approximately USD2.6 billion, including debt.

Pursuant to the agreement, each issued and outstanding share of Cincinnati Bell common stock will be converted into the right to receive USD10.50 in cash at closing of the transaction. This price represents a 36% premium to the closing per share price of USD7.72 on 20 December 2019 and an 84% premium to the 60-day volume weighted average price. The transaction has received unanimous approval of Cincinnati Bell’s Board of Directors and is subject to customary closing conditions, including Cincinnati Bell shareholder approval and regulatory approval. The deal is expected to close by the end of 2020.

Cincinnati Bell owns and operates the leading data transmission and distribution network in Cincinnati, Ohio and Hawaii, with a footprint that passes more than 1.3 million homes, delivering core fibre broadband, video and voice services to residential and enterprise customers.

United States, Brookfield Infrastructure Partners, Cincinnati Bell (incl. Hawaiian Telcom)