Elon Musk $13.2 billion Twitter acquisition financing
We advised the agent, joint lead arrangers and initial lenders on the financing
Davis Polk advised the administrative agent and the initial lenders in connection with a $6.7 billion senior secured first-lien term loan facility, a $500 million senior secured revolving credit facility, a $3 billion senior secured first-lien bridge facility and a $3 billion second-lien bridge facility, provided to an acquisition vehicle formed by Elon Musk to finance the approximately $44 billion acquisition of Twitter, Inc. The take-private transaction was completed October 27, 2022.
Musk is an entrepreneur and investor, holding CEO positions at Tesla and SpaceX, and is the founder of The Boring Company. As of October 28, 2022, he had an estimated net worth of $218 billion and is the world’s richest individual according to the Forbes Real-Time Billionaires List.
Twitter is a real-time information network that connects users to the latest stories, ideas, opinions and news.
The Davis Polk finance team included partner James A. Florack, counsel Sanders Witkow, Benjamin Cheng, Randy Dorf and Phoebe Jin, associates Catalina Ford, Jeffrey Hon, Amy Zhang and Daiana Kostova. The equity derivatives team included partner John M. Brandow and counsel Faisal Baloch. The capital markets team included partners Alan F. Denenberg and Stephen Salmon and associate Beth LeBow. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.