Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Hawaiian Telcom (HCOM) — SHAREHOLDER ALERT

Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Hawaiian Telcom (HCOM) — SHAREHOLDER ALERT”

Cincinnati Bell's current annual revenues are about $1.2 billion, but they will jump by about $600 million as a result of the OnX acquisition and by an additional $400 million as a result of the Hawaiian Telcom acquisition.

Cincinnati Bell has also signed a definitive agreement to acquire OnX Enterprise Solutions, a technology services and solutions provider in North America and the United Kingdom, for a total consideration of approximately $201 million in cash on a cash-free, debt-free basis.

Since the start of the calendar year, Hawaiian Telcom Holdco, Inc. Cincinnati Bell is targeting run rate combined synergies of about Dollars 21 million, mostly within two years post-close.

The investigation focuses on whether the Hawaiian Telecom board members failed to fulfill their duties to the shareholders and whether Cincinnati Bell (NYSE: CBB) is underpaying for Hawaiian Telecom. Hawaiian Telcom will name two directors to the combined board of directors and these seats will be held by Hawaii residents, which Hawaiian Telcom said ensures that Hawaii is well represented when broader strategic decisions are made.

Cincinnati Bell says Hawaiian Telcom will maintain its separate brand and will honor its union contracts. "Hawaiian Telcom brings Cincinnati Bell greater financial and operational scale and an established market position in a new geography to seize upon the growing demand for fiber". The combination will provide Hawaiian Telcom with expanded liquidity and capital flexibility to continue to expand its next-generation fiber network to enable growth and better serve its customer base statewide. The companies' combined fiber networks exceed 14,000 fiber route miles. Both companies have invested in upgrading their networks to fiber and Fox sees an opportunity to gain economies of scale as the combined company continues to pursue that strategy. In addition, Hawaiian Telcom provides Cincinnati Bell with direct access to the 2.6 terabytes of transpacific fiber cable capacity linking Asia and the U.S.

In a statement, Cinncinnati Bell said that the acquisition will grow its IT and cloud services footprint to include 20 sales offices and more than 50 data center locations through strategic partners. The OnX transaction will close at the beginning of the fourth quarter, while the Hawaiian Telcom transaction is expected to close in the second half of 2018.

Cincinnati Bell's footprint now services Ohio, Indiana and Kentucky.

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