Cincinnati Bell To Be Acquired By Brookfield Infrastructure For About $2.6 Bln

(RTTNews) - Cincinnati Bell Inc. (CBB) agreed to be acquired by Brookfield Infrastructure (BIP, BIP_U.TO) and institutional partner in a transaction valued at about $2.6 billion, including debt.

As per the agreement, each Cincinnati Bell common stock will be converted into the right to receive $10.50 in cash at closing of the Transaction.

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 December 20, 2019 and an 84% premium to the 60-day volume weighted average price.

The Transaction is expected to close by the end of 2020.