Cincinnati Bell Inc., parent company of Hawaiian Telcom, said today that it is being acquired by Brookfield Infrastructure for $10.50 a share, or about $2.6 billion.
“The transaction strengthens our financial position,” said Leigh Fox, president and chief executive officer of Cincinnati Bell, “enabling accelerated investment in our strategic products that is not presently available to Cincinnati Bell as a standalone company.”
Brookfield Infrastructure, based in Toronto, owns and operates assets in the utilities, transport, energy and data infrastructure sectors in North and South America, Asia Pacifc and Europe. It is listed on the New York and Toronto stock exchanges.
Cincinnati Bell announced its acquisition of Hawaiian Telcom for $650 million in July 2017 and closed the deal in July 2018, paying about 60 percent in cash and 40 percent in stock.
In heavy trading today on the New York Stock Exchange, Cincinnati Bell stock jumped $2.73 to $10.45.