TowerBrook Capital Partners L.P. entered into an Equity Purchase Agreement to acquire CBTS LLC and CBTS Extended Territories LLC from Cincinnati Bell Inc. for $670 million.

TowerBrook Capital Partners L.P. entered into an Equity Purchase Agreement to acquire CBTS LLC and CBTS Extended Territories LLC from Cincinnati Bell Inc. for $670 million on February 2, 2024. TowerBrook Capital Partners will pay a termination fee of $40.2 million in certain circumstances. The Purchase Agreement provides that completion of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including (i) the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and (ii) the receipt of any required consents or approvals from (a) the Committee on Foreign Investment in the United States, (b) the Federal Communications Commission and (c) certain state public utility commissions.

The transaction is subject to customary closing conditions, including certain regulatory approvals, and is expected to close in the second half of 2024. Robert I. Townsend and O. Keith Hallam of Cravath, Swaine & Moore LLP acted as legal advisor to altafiber and Brien M. Wassner and Grace Jamgochian of Sidley Austin LLP acted as legal advisor to TowerBrook. Guggenheim Securities, LLC acted as financial advisor for Cincinnati Bell Inc.