Telecom company Cincinnati Bell Inc (CBB) on Monday said it plans to enter into a purchase agreement with CyrusOne Inc to sell 12.2 operating partnership units in CyrusOne's operating partnership, CyrusOne LP.
Bell also plans to offer an additional 1.83 million units in CyrusOne LP if the underwriters exercise their option.
CyrusOne announced it had commenced the public offering of 12.2 million shares of its common stock and granted the underwriters an option to purchase up to 1.83 million additional shares, the net proceeds of which will be used to acquire operating partnership units from two subsidiaries of Cincinnati Bell.
Upon completion of the acquisition, Cincinnati Bell expects to effectively own about 24.8% (or about 22.0% if the underwriters in CyrusOne's public offering exercise their option to purchase additional shares) of CyrusOne.
For comments and feedback contact: editorial@rttnews.com
Business News