Cincinnati Bell Sells IT Subsidiary for $670M Cash

Cincinnati Bell Inc (CBB) has released an update to notify the public and investors about an entry into a material definitive agreement.

Cincinnati Bell Inc. has entered into a Purchase Agreement to sell its IT services business, including all equity interests in relevant subsidiaries, to CBTS Borrower, LLC for $670 million in cash, subject to adjustments. The deal hinges on customary closing conditions, including regulatory approvals. Until the deal’s completion, Cincinnati Bell is obliged to maintain the business’s operations as usual. The details of the agreement are mainly for risk allocation between the parties and are not to be taken as factual representations beyond the transaction’s context.

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For a comprehensive understanding of the announcement, you can read the full document here.