Cincinnati Bell, a regional network provider based in Cincinnati has entered into an agreement with Macquarie Infrastructure Partners (MIP) and Real Assets (MIRA) to be acquired for $2.9 billion.
Per the deal, Cincinnati Bell’s shareholders are entitled to receive $15.50 in cash for each share compared with the previous cash consideration of $14.50. Cincinnati Bell’s original suitor - Brookfield Infrastructure Partners (BIP) - was given a deadline till Mar 12 to make necessary changes to the existing bidding price of $15.50 per share. However, the Toronto-based conglomerate failed to match up to MIRA’s escalated cash offer, failing which the contract ultimately went in favor of MIRA.
Post closure, the transaction is likely to improve overall financial health of the regional data and voice communications service provider. The deal, which is aimed at fortifying Cincinnati Bell’s augmented fiber network and 5G technology, is considered as the outcome of an efficient sales process to maximize value of its stakeholders in the long run. It will also ensure to provide advanced communications infrastructure to nearly 1.3 million customers across Cincinnati and Hawaii through its upgraded fiber network.
MIRA is one of the world's leading alternative asset managers and a highly experienced investor in the communications infrastructure industry. MIRA is part of Australia-based Macquarie Group.
Leigh Fox, President and CEO, Cincinnati Bell
MIP exhibits deep telecommunications expertise and a strong track record of investing in capital intensive businesses, which will be critical as we deliver on our strategy to drive next generation, integrated communications through an expanded fiber network as well as our IT services platform.
