Cincinnati Bell has announced the completion of its acquisition by Macquarie Infrastructure Partners V (MIP), in an all-cash transaction valued at approximately USD2.9 billion, including debt. The deal, which was originally announced on 13 March 2020, was approved by Cincinnati Bell’s shareholders on 7 May 2020. The completion of the transaction follows the receipt of all necessary regulatory approvals and satisfaction of other customary closing conditions.
Under the terms of the merger agreement, a controlled subsidiary of MIP was merged with and into Cincinnati Bell, with Cincinnati Bell surviving the merger as a controlled subsidiary of MIP. Each of Cincinnati Bell’s issued and outstanding common shares (other than certain excluded shares) was converted into the right to receive USD15.50 per share in cash, without interest.
In connection with the closing of the transaction, effective yesterday (7 September), trading of Cincinnati Bell’s common shares has been suspended on the New York Stock Exchange (NYSE) and Cincinnati Bell has requested that its common shares be delisted from the NYSE.