Elon Musk has notified co\u002Dinvestors helping to fund his $44 billion acquisition of Twitter Inc that he plans to close his buyout by Friday.
The banks that committed to fund Musk’s buyout of Twitter have finished putting together the final debt financing agreement and are in the process of signing the necessary documents,Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal, according to the report.Advertisement 3We apologize, but this video has failed to load.Twitter shares jumped on the news and were trading up 3% at $52.95 on Tuesday, closer to Musk’s offer price of $54.20.
Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp, have committed to provide $13 billion of debt financing to support the deal. Equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will pitch in with $7.1 billion.tap here to see other videos from our teamThe closure of the deal will put to rest months of speculation that the erratic entrepreneur would abandon the takeover.
Musk has touted himself as an advocate of free speech and has been critical of Twitter’s approach to monitoring violent or hateful content, which has led to bans on many prominent conservative voices.