Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co., stated that the social media giant intended to close the sale on the previously agreed-upon terms and price.
PREVIOUSLY: Elon Musk changes his mind about the Twitter acquisition
The deal’s completion will end months of rumors that the unpredictable entrepreneur would give up on the takeover. This is the most unambiguous indication that Elon Musk intends to meet the October 28 deadline set by the Delaware court judge.
Earlier this month, Elon Musk had offered to move forward with his original $44 billion offer to end the social media juggernaut’s lawsuit, which may have required him to make restitution. The financial advisors to Twitter include JPMorgan and Goldman Sachs.
Additionally, Bloomberg reported on Tuesday that during a video conference call with the bankers who were lending money for sale, Musk promised to complete the acquisition of Twitter by October 28. People with knowledge of the situation were quoted in the report.
ALSO: Elon Musk Apparently Wants to Terminate Most Twitter Employees
On Tuesday, Twitter shares were trading 3% higher at $52.95 (₱3,000) after the news, getting closer to Musk’s offer price of $54.20 (₱3,100). He has committed $46.5 billion (₱2.7 trillion) in equity and debt funding for the transaction, covering the $44 billion (2.5 trillion) purchase price and closing charges.
A total of $13 billion (₱760 billion) in debt financing will be provided by banks, including Morgan Stanley and Bank of America Corp., to back the purchase. Larry Ellison, a co-founder of Oracle Corp., and Saudi Prince Alwaleed bin Talal will contribute $7.1 billion (₱410 billion) as equity investors.
ManilaShaker is a tech media producing insightful and helpful content for our local and growing international audience. Our goal is to create a premier Philippine digital consumer electronics resource that provides the most objective reviews and comparisons globally.
