The move is the clearest sign yet that Elon Musk plans to comply with a Delaware court judge’s deadline to complete the transaction.
The move is the clearest sign yet that Elon Musk plans to comply with a Delaware court judge’s deadline to complete the transaction.
Elon Musk has informed co-investors who have committed to helping with his $44 billion acquisition of Twitter Inc. Close your buyout of the social media firm As of Friday, according to a person familiar with the matter.
Equity investors including Sequoia Capital, Binance, Qatar Investment Authority and others have received the necessary paperwork for a financing commitment from Musk’s lawyers, the source said.
The move is the clearest sign yet that Musk plans to comply with a Delaware court judge’s deadline to complete the transaction by Friday.
The banks that have committed to fund Mr Musk’s buyout of Twitter have put together a final debt financing agreement and are in the process of signing the necessary documents, according to one. bloomberg news report good.
According to the report, Mr Musk promised to close the deal on Monday over a video conference call with bankers who are helping to fund the deal.
Twitter declined to comment. Mr Musk’s lawyers were not immediately available for comment.
Twitter shares jumped on the news and were trading up 3% on Tuesday at $52.95, close to Mr. Musk’s offer price of $54.20.
Mr. Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which includes a $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.
The closing of the deal would put an end to months of speculation that the unsuspecting entrepreneur would abandon the acquisition.
Mr Musk has projected himself as an advocate of freedom of expression and criticized Twitter’s approach to monitoring violent or hateful content, which has led to the banning of many prominent conservative voices.