A year and a half after receiving the stamp of approval from shareholders, Cincinnati Bell has been acquired by Macquarie Infrastructure Partners V (MIP V).
Macquarie’s latest sixth Americas-focused, unlisted infrastructure vehicle, MIP V, completed its final closing with $6.9 billion in capital commitments in July. The fund will seek to invest in high-quality infrastructure assets with a primary focus on the transportation, communications, waste management, utilities and energy sectors.
As planned, Macquarie paid $2.9 billion in cash (including debt) for the Ohio telecommunications company. The transaction allows Cincinnati Bell to redeem all of its issued and outstanding cumulative convertible preferred shares and the corresponding depositary shares.
Prior to the MIP offer in March 2020, Cincin