M&A Deal Summary

Macquarie Infrastructure and Real Assets and Ares Private Equity Group Acquire Cincinnati Bell

On March 13, 2020, infrastructure investor Macquarie Infrastructure and Real Assets and private equity firm Ares Private Equity Group acquired communications company Cincinnati Bell for 2.9B USD

Acquisition Highlights
  • This is Macquarie Infrastructure and Real Assets’ 3rd and Ares Private Equity Group’s 4th transaction in the Communications sector.
  • This is Macquarie Infrastructure and Real Assets’ 3rd and Ares Private Equity Group’s 2nd largest (disclosed) transaction.
  • This is Macquarie Infrastructure and Real Assets’ 7th and Ares Private Equity Group’s 68th transaction in the United States.
  • This is Macquarie Infrastructure and Real Assets’ 1st and Ares Private Equity Group’s 3rd transaction in Ohio.

M&A Deal Summary
Date 2020-03-13
Target Cincinnati Bell
Sector Communications
Buyer(s) Macquarie Infrastructure and Real Assets
Ares Private Equity Group
Deal Type Going Private
Deal Value 2.9B USD
Advisor(s) Morgan Stanley
Moelis & Co. (Financial)
Cravath, Swaine & Moore
Morgan Lewis (Legal)

Target

Cincinnati Bell

Cincinnati, Ohio, United States
Cincinnati Bell's corporate headquarters in Cincinnati, Ohio.
Cincinnati Bell's corporate headquarters in Cincinnati, Ohio.
Cincinnati Bell, Inc. is a provider of integrated communications solutions, including local and long-distance voice, data, high-speed Internet and entertainment services. Cincinnati Bell serves customers in Greater Cincinnati and Dayton. Cincinnati Bell was founded in 1873 and is based in Cincinnati, Ohio.

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Buyer(S) 2

Buyer

Macquarie Infrastructure and Real Assets

Category Infrastructure
PE ASSETS 119.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Macquarie Infrastructure and Real Assets (MIRA) is a global investor in infrastructure, real estate, agriculture, and energy assets. MIRA's infrastructure practice looks to acquire businesses such as transportation, water and energy utilities, and waste management. MIRA's real estate practice looks to acquire and develop retail, commercial, residential and industrial properties. MIRA's agriculture team looks to operate and develop agriculture businesses and farmland. MIRA's energy team seeks opportunities in upstream energy and upstream energy-related assets and businesses in the US and Canada. Macquarie Infrastructure and Real Assets is headquartered in London with additional offices throughout the world.

DEAL STATS #
Overall 18 of 20
Sector (Communications) 3 of 3
Type (Going Private) 3 of 3
State (Ohio) 1 of 1
Country (United States) 7 of 9
Year (2020) 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-05 Renvico Holding S.r.l.

Milan, Italy

Founded in 2000, Renvico Holding S.r.l. is a renewable energy company with 334 MW of wind power installed in Italy and France. The company is focused on the acquisition, development, and management of wind farms with care and attention from start to finish.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-12 WCA Waste

Houston, Texas, United States

WCA Waste Corp. is a full service, non-hazardous solid waste company providing collection and disposal services to commercial, industrial and residential customers.

Sell $1.2B
Buyer

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.

DEAL STATS #
Overall 80 of 98
Sector (Communications) 4 of 5
Type (Going Private) 5 of 6
State (Ohio) 3 of 3
Country (United States) 68 of 82
Year (2020) 2 of 7
Size (of disclosed) 2 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-14 Murapol

Bielsko-Biala, Poland

Murapol is a Polish property development company. The Company has a business model that is unique in the industry and a rich portfolio of projects under construction and under various stages of preparation. Murapol was founded in 2001 and is based in Bielsko-Biala, Poland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-07 Neiman Marcus

Dallas, Texas, United States

Neiman Marcus is a specialty retailer with online and offline operations. The Company's retail stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts both catalog and online operations under the Neiman Marcus, Bergdorf Goodman and Horchow brand names. Neiman Marcus was originally established in 1907 and is headquartered Dallas, Texas.

Sell -
Mergr

Product

Company

Legal