Elon Musk Plans to Close Twitter Deal on Friday

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Elon Musk Plans to Close Twitter Deal on Friday - Reports

Stock Markets Oct 25, 2022 02:10PM ET

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Elon Musk Plans to Close Twitter Deal on Friday - Reports

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By Sam Boughedda

Elon Musk told bankers helping to fund his acquisition of Twitter Inc (NYSE:TWTR) that he will close the deal by Friday, according to reports on Tuesday.

Bloomberg said sources told them that Musk held a video call with the banks, who are providing $13 billion of debt financing, on Monday. The publication added that the banks have finished putting together the final credit agreement and are going through the process of signing the documentation, one of the final steps before sending the money to Musk.

Elsewhere on Tuesday, CNBC's David Faber tweeted: "Equity investors in Elon Musk's take private of Twitter have received paperwork from his lawyers at Skadden Arps in order to prepare for closing the deal. It's another sign deal is on track for Friday close."

Wall Street lenders, led by Morgan Stanley (NYSE:MS), have been preparing to fund the debt in recent weeks, although not long ago, Musk was seeking to pull out of the deal. The recent reports suggest it is in the final stages of completion. The Tesla (NASDAQ:TSLA) CEO was given until October 28 by a Delaware judge to close the transaction.

Bloomberg added that the banks expected to receive a borrowing notice on Tuesday, with the cash set to be held in escrow on Thursday, while they also reported that Musk told the banks he would help them market the debt to money managers after the transaction is completed.

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Elon Musk Plans to Close Twitter Deal on Friday - Reports

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