Macquarie to acquire Cincinnati Bell for $2.9bn.

Macquarie Infrastructure Partners agreed to acquire Cincinnati Bell, a regional telecommunications service provider based in Cincinnati, for $2.9bn. The transaction price of $15.5 per share of Cincinnati Bell common stock represents a 101% premium to the closing per share price of $7.72 on December 20, 2019. Cincinnati Bell terminated the previous agreement with Brookfield, and has paid a $24.8m break-up fee. "After carefully evaluating MIP's revised offer, we are confident that this transaction is in the best interest of Cincinnati Bell and its shareholders. Importantly, the new transaction price of $15.50 per share represents a 7% increase from our previous merger agreement with Brookfield at $14.50 per share and a 101% premium to Cincinnati Bell's closing per share price of $7.72 on December 20, 2019, the last trading day prior to the date when the original merger agreement with Brookfield was entered into. This underscores the robust and disciplined process that we executed to ensure immediate and maximum value creation for our shareholders," Lynn A. Wentworth, Cincinnati Bell Chairman of the Board of Directors.