Elon Musk Reignites Twitter Acquisition Deal

Elon Musk has decided to proceed with his initial $44 billion agreement to purchase Twitter, revitalizing the acquisition deal.

Following this announcement, Twitter (TWTR) shares soared by over 22% yesterday and remained stable during pre-market trading.

According to an updated regulatory filing from Twitter, Musk confirmed his intention to finalize the transaction at $54.20 per share, consistent with the terms set in April. The filing included a letter from Musk stating that he plans to complete the deal provided he secures the previously arranged financing and the Delaware Chancery Court pauses Twitter's ongoing lawsuit against him.

This turnaround occurred just days before Musk was expected to be deposed by Twitter's legal team amid the company's efforts to compel him to complete the purchase.

Musk had earlier arranged a $46.5 billion financing plan, comprising approximately half bank loans and half personal funds. The debt package includes $25 billion from a consortium of banks led by Morgan Stanley, Bank of America, and Barclays. Twitter shareholders gave their approval for the sale during a special meeting in September, and the deal could potentially close as early as this Friday.

Year-to-date, Twitter's stock has appreciated by about 21%.

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