Cincinnati Bell’s $2.9 Billion Acquisition by Macquarie Infrastructure Partners

On March 13, 2020, Cincinnati Bell and Macquarie Infrastructure Partners (“MIP”) announced an agreement through which an MIP‑controlled subsidiary will acquire all outstanding shares of Cincinnati Bell for $15.50 per share in a cash transaction valued at approximately $2.9 billion. Cravath is representing Cincinnati Bell in connection with the transaction.

The transaction follows the determination by Cincinnati Bell’s Board of Directors that the MIP proposal constituted a “Superior Proposal” as defined in Cincinnati Bell’s previously announced merger agreement with Brookfield Infrastructure. Cravath also represented Cincinnati Bell in connection with that agreement, which has been terminated.

The Cravath team is led by partner Robert I. Townsend III and includes senior attorney Brittain A. Rogers, associates Daniel J. Cerqueira and Ashkan Towhid and foreign associate attorney Dan McNamara on M&A matters; partners William V. Fogg and Stephen M. Kessing on financing matters; partners Andrew W. Needham and Christopher K. Fargo and associates Kiran Sheffrin and Kyle R. Jorstad on tax matters; partner Eric W. Hilfers and associates Sally Ye and Anna Mikaelyan on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters; and practice area attorney Anthony N. Magistrale on intellectual property matters. Ty A. Carleton also worked on M&A matters and Kelly Nichole King also worked on financing matters.