Elon Musk Set To Complete Twitter Acquisition Process By Friday

Elon Musk has told bankers and co-investors who committed to funding his $44 billion Twitter deal that he would complete the acquisition process by Friday, according to Bloomberg.

The banks, who have committed to providing $13 billion of debt financing, have reportedly finished drafting the final credit agreement.

According to the Bloomberg report citing a person familiar with the matter, the debt financing banks are in the process of signing the documentation, which is one of the last steps before sending the money to the Tesla chief.

Earlier, the 51-year-old tech mogul had pledged to provide $46.5 billion in equity and debt financing for his buyout of the microblogging site, which includes the $44 billion price tag and closing costs.

Banks, including Morgan Stanley and Bank of America Corp, have committed to provide $13 billion of debt, while equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will pitch in with $7.1 billion.

The move comes in response to the October 28 deadline given by Delaware Chancery Court Chancellor Kathaleen St. Jude McCormick to close the deal.

The judge said that if Musk refuses to complete his buyout, the trial between him and Twitter would begin in November.

After agreeing to buy Twitter for $54.20 per outstanding share in April, Musk sought to terminate the deal citing concerns over the prevalence of bots on the platform. Twitter then sued him to follow through with the acquisition.

In the weeks since the litigation was paused, the social network site continued to take steps toward closing the deal.