Elon Musk has pledged to close his $44 billion acquisition of Twitter by Friday in a video conference with bankers who are helping finance the deal.
The promise states that by October 28th, the same day he faces a court-ordered deadline to complete the acquisition, Musk will complete the transaction.
The banks, which are providing $13 billion of debt financing, have finished drawing up the final credit agreement and are in the process of signing the paperwork, one of the last steps before sending the cash to Musk. The banks are expected to receive one of the last formalities — a borrowing notice — on Tuesday, and the cash is expected to be held in escrow on Thursday.
Musk has pledged to provide $46.5 billion in equity and debt financing for the acquisition, which covers the $44 billion price tag and closing costs. Banks, including Morgan Stanley and Bank of America Corp, have committed to providing $13 billion of debt financing to support the deal.
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Equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will pitch in with $7.1 billion.
The closure of the deal will put to rest months of speculation that the erratic entrepreneur would abandon the takeover.
