16.1 C
New Delhi
Sunday, January 29, 2023
HomeTechElon Musk may close Twitter deal by Friday: report

Elon Musk may close Twitter deal by Friday: report


Elon Musk has pledged to close his $44 billion Twitter acquisition by Friday in a video conference call with bankers who are helping fund the deal, Bloomberg News reported on Tuesday.

The banks have finished putting together the final credit agreement and are in the process of signing the documentation, according to the report, in one of the last steps in moving funds to Musk.

Meanwhile, South Korea’s Mirae Asset Financial Group is planning to commit about 300 billion Korean won ($208 million) to help finance Elon Musk’s $44 billion buyout of Twitter Inc, a person familiar with the matter told Reuters on Monday.

Read |
Elon Musk is definitely buying Twitter this time. Maybe

The deal with Mirae is expected to be finalized in the coming days before the deadline for the closing of the Twitter deal on Oct. 28, the source told the agency.

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.

Discover the stories of your interest



Equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will pitch in with $7.1 billion.

Earlier this month, a Delaware judge gave Musk until Oct. 28 to close his takeover of the social media platform. Tesla investors have feared the billionaire might sell more Tesla stock to finance the deal, weighing on its shares.

Twitter share rose 2.7% to $52.9, closer to Musk’s offer price of $54.20.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

- Advertisment -
- Advertisment -

Our Archieves

- Advertisment -

Please disable your adblocker or whitelist this site!