A Canadian infrastructure company is acquiring Cincinnati Bell, the latter announced today.
Toronto-based Brookfield Infrastructure Partners is paying $2.6 billion for the local communications and technology services company, pending shareholder and federal government approval.
Shareholders will receive $10.50 per share when the deal closes — likely by the end of next year.
Cincinnati Bell's board approved the acquisition unanimously.
"After thoroughly reviewing a range of strategic alternatives and possible business opportunities for maximizing value, the board determined this transaction was in the best interest of the company, its shareholders and its customers," Cincinnati Bell board chair Lynn Wentworth said in a statement. "The transaction provides clear and immediate value at an attractive premium and represents an exciting new chapter for Cincinnati Bell."
Cincinnati Bell employs roughly 4,300 people and serves about 1.3 million households in Greater Cincinnati and Hawaii due to a 2017 acquisition of Hawaiian Telecom. The company also has a presence in Toronto due to the acquisition of Canadian company OnX Enterprise Solutions.
"This investment represents an opportunity for Brookfield Infrastructure to acquire a great franchise and leading fiber network operator in North America," Brookfield Infrastructure CEO Sam Pollock said in a statement. "Cincinnati Bell is a great addition to our data infrastructure portfolio and we expect it will contribute strong utility-like cash flows with predictable growth."
