Cincinnati Bell bought in $2.9B deal

CINCINNATI (WXIX) - Cincinnati Bell Inc. announced Monday the completion of its acquisition by Macquarie Infrastructure Partners in a deal valued at more than 2.9 billion, including debt.

The transaction will give the telecommunications provider money to expand and accelerate building its fiber network in Greater Cincinnati and Hawaii.

It also will take Cincinnati Bell, which was founded in the 1800s, private.

Originally announced in March 2020, the deal was approved by Cincinnati Bell’s shareholders on May 7, 2020.

The purchase by Macquarie – an Australian-based multinational investment group that invests heavily in utilities, transportation, energy and communications infrastructure – will not bring wholesale changes to Cincinnati Bell’s corporate structure, CEO Leigh Fox told The Enquirer.

Cincinnati Bell will be delisted from the New York Stock Exchange, where it was trading for about $15 a share at the close of trading Friday.

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