Earlier this month, a Delaware judge gave Musk until Oct. 28 to close his takeover of the social media platform.
Elon Musk has pledged to close his $44 billion Twitter acquisition by Friday in a video conference call with bankers who are helping fund the deal according to sources. The banks have finished putting together the final credit agreement and are in the process of signing the documentation, according to the report, in one of the last steps in moving funds to Musk.
Meanwhile, South Korea’s Mirae Asset Financial Group is planning to commit about 300 billion Korean won ($208 million) to help finance Elon Musk’s $44 billion buyout of Twitter Inc, a person familiar with the matter said. The deal with Mirae is expected to be finalized in the coming days before the deadline for the closing of the Twitter deal on Oct. 28, the source told the agency.
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 provide $13 billion of debt financing to support the deal.
Equity investors, including Oracle Corp co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, will pitch in with $7.1 billion. Earlier this month, a Delaware judge gave Musk until Oct. 28 to close his takeover of the social media platform. Tesla investors have feared the billionaire might sell more Tesla stock to finance the deal, weighing on its shares. Twitter share rose 2.7% to $52.9, closer to Musk’s offer price of $54.20.