Parent Company of Hawaiian Telcom Purchased for $2.6 BillionDecember 23, 2019, 4:16 PM HST (Updated December 24, 2019, 8:52 AM)
Brookfield Infrastructure announced on Monday plans to acquire Cincinnati Bell Inc., the parent company of Hawaiian Telcom.
The purchase price is $2.6 billion, which translates into $10.50 per share.
The announcement bumped Cincinnati Bell stock by $2.73 per share to $10.45 on the New York Stock Exchange Monday.
“With Brookfield Infrastructure’s support, we will be better positioned to deliver next-generation, integrated communications for our customers through an expanded fiber network,” President and CEO of Cincinnati Bell Leigh Fox said in a statement.
The transaction has received unanimous approval of Cincinnati Bell’s Board of Directors and is subject to customary closing conditions, including shareholder approval and regulatory approval, according to a company press release.
Ann Nishida Fry, senior manager of corporate communications for Cincinnati Bell, said the company expects its leadership team will remain in place and will work with Brookfield Infrastructure on strategy.
Brookfield Infrastructure has assets in transportation, data infrastructure, utility and energy sectors on four continents including Asia, Europe, North America and South America. Its acquisition of Cincinnati Bell will not be complete until late 2020.