Elon Musk tells lenders and banks he’ll complete Twitter deal by Friday, raises $13 billion in debt – Technology News, Firstpost

It looks like Elon Musk will finally close the Twitter deal soon enough. In a closed meeting with investors, banks and other lendersMusk reportedly said he would complete the deal with Twitter by Friday and would soon sign the documents needed to close the deal.

Musk told investors and lending banks he would complete the Twitter deal by Friday. He was also able to secure $13 billion in debt from the banks to complete the deal. Image Credit: Elon Musk | Twitter

In the process, Musk was also able to raise $13 billion in loans from banks and lenders to pursue the deal. All of this implies that the only thing left to do is for the Musk and Twitter teams to get the papers signed and filed with the proper authorities. According to people familiar with the matter, this will be the last step before the funds are released to Musk.

The banks in charge of the debt received a loan notice on Tuesday. According to people familiar with the matter, the money is expected to be blocked on Thursday.

Sources say investors backing Musk in his takeover bid to buy Twitter include equity investors like Sequoia Capital, Binance, Qatar Investment Authority and others.

The banks that committed to fund Musk’s takeover of Twitter have finished setting up the final debt financing agreement and are in the process of signing the necessary paperwork.

When news broke that the deal would finally close this week, Twitter shares jumped on the news and were trading up 3% to $52.95 on Tuesday, closer to Musk’s offer price of 54. $.20.

If all goes as planned, Musk will need to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs.

If no new issues arise this week that could potentially derail the acquisition process, Musk will hold his end of the bargain to finish with the acquisition process by October 28the deadline set by the Delaware court hearing arguments in Twitter v. Musk.

As previously stated, there is a very remote, albeit real, possibility that the US government may have to step in and prevent the acquisition from happening, citing national security. As slim as those odds are, there’s a very good reason the US government might consider doing this.

Twitter, meanwhile, hasn’t responded to the developments and is waiting for a concrete moment to respond.

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