TORONTO -- Brookfield Infrastructure and its partners will acquire Ohio-based phone company Cincinnati Bell Inc. in a friendly deal valued at US$2.6 billion, including debt.
Cincinnati Bell's board of directors has unanimously approved the Brookfield offer but the deal requires shareholder and regulatory approval.
It says the deal with Brookfield will strengthen its financial position and allow it to accelerate investment in its strategic products.
The telecom company's shareholders will get US$10.50 per share cash, which is 36 per cent above Friday's closing stock price.
In return, Brookfield will acquire a network that services residential and enterprise customers in Ohio, Kentucky, Indiana and Hawaii.
Brookfield Infrastructure currently has a portfolio of assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe.
Advertisement