Macquarie Infrastructure Partners acquires Cincinnati Bell for $2.9bn
Macquarie Infrastructure Partners V (MIP), an infrastructure fund managed by Macquarie Asset Management (MAM), has completed the acquisition of Cincinnati Bell for $2.9 billion.
Under the terms of merger agreement, a controlled subsidiary of MIP was merged with and into Cincinnati Bell, with Cincinnati Bell surviving the merger as a controlled subsidiary of MIP.
“Our partnership with MIP is tremendous news for Cincinnati Bell’s 4,700 employees, our customers, and the communities we serve,” said Leigh Fox (pictured), president and chief executive officer of Cincinnati Bell.
“MIP has 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 fibre network as well as our IT services platform."
Through the partnership with MIP Cincinnati Bell will be able to accelerate the expansion of its fibre network over the next three years and make high-speed Internet available throughout its operating territories.
"We are incredibly excited to partner with the experienced management team at Cincinnati Bell to continue to build out a high bandwidth fibre to the premise network for consumers, enterprises, and carriers, as well as to support the growth of their market leading IT services platform,” said Anton Moldan, senior managing director with MAM.
“Cincinnati Bell provides the communities they serve with vital network connectivity, and we’re looking forward to supporting their expansion plans to bring fibre throughout their market.”
In addition, Cincinnati Bell has been part of the Greater Cincinnati and Hawaiʻi communitie for nearly 150 years, donating more than $2 million every year toward economic development, health, and education initiatives.
“MIP deeply appreciates Cincinnati Bell’s commitment to supporting the community that supports us. You can expect continued leadership from Cincinnati Bell with respect to regional initiatives including digital equity, economic development, and improved access to education and healthcare,” added Fox.
“Our company is excited to begin this new chapter as we create true digital equity through our investment in fibre, and partner with our business customers through investments in cutting-edge technologies.”
In connection with the transaction, Cincinnati Bell confirms that it will redeem all of its issued and outstanding 6 3/4% Cumulative Convertible Preferred Shares.