July 11, 2017

Willkie represents Twin Haven Capital Partners, LLC, one of the largest stockholders of Hawaiian Telecom, in the transaction.

On July 10, Hawaiian Telcom (NASDAQ:HCOM), the leading fiber-based integrated communications provider in Hawaii, and Cincinnati Bell Inc. (NYSE:CBB), a leading fiber and IT services and solutions business, announced a definitive agreement under which the companies will combine in a cash and stock transaction valued at approximately $650 million, including the assumption of net debt. Willkie represented Twin Haven Capital partners LLC, one of the largest stockholders of Hawaiian Telecom, in the transaction. Upon the closing of the transaction, Hawaiian Telcom stockholders will own approximately 15 percent and Cincinnati Bell stockholders will own approximately 85 percent of the combined company.

The two companies will continue to maintain their separate local brand identities and operations, while combining their buying power and resources, continuing to deliver world class integrated communications and technology solutions for their local communities.

Headquartered in Honolulu, Hawaiian Telecom provides integrated communications, broadband, data center and entertainment solutions for business and residential customers. Based in Cincinnati, Cincinnati Bell provides integrated communications solutions, including local and long distance voice, data, high-speed Internet and video, for residential and business customers in Greater Cincinnati and Dayton, Ohio. Los Angeles-based Twin Haven advises, manages, and invests in turnarounds and special situations in mid-market companies.

The deal was handled by partners Matthew Feldman, Russell Leaf and Michael Brandt.