Elon Musk has notified his co-investors funding his acquisition of social media firm Twitter Inc that he plans to close his $44 billion buyout of Twitter Inc by Friday, according to a person familiar with the matter.
The trusted sources added that Equity investors, including Sequoia Capital, Binance, Qatar Investment Authority, and others, have received the requisite paperwork for the financing commitment from Musk’s lawyers, the source added.
It is also reported that Musk pledged to close the deal on a video conference call on Monday with bankers who are helping fund the deal. According to a Bloomberg News report, all the banks that committed to funding Musk’s buyout of Twitter have finally done putting together the final debt financing agreement and are in the process of signing the necessary documents.
Musk has promised to clear $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag as well as closing costs. Banks, including Morgan Stanley and Bank of America Corp, have committed to providing $13 billion of debt financing to support the deal.
Besides this, South Korea’s Mirae Asset Financial Group is planning to commit about $208 million to help finance Elon Musk’s $44 billion buyout of Twitter Inc, a person familiar with the matter told Reuters on Monday.
With all these, Twitter shares rose 2.7% to $52.9, closer to Musk’s offer price of $54.20.