Twitter has accepted billionaire Elon Musk’s offer to buy the social media company for approximately $44 billion.
The Tesla CEO will pay $54.20 per share, according to a statement on Monday, confirming reports over the weekend that a deal was imminent.
The transaction, which will make Twitter a privately held company, is expected to close some time this year, pending approval of Twitter stockholders and regulators.
Twitter’s independent board chair Bret Taylor said the board conducted a “thoughtful and comprehensive process to assess Elon’s proposal with deliberate focus on value, certainty and financing.”
The announcement comes four days after the billionaire unveiled a financing package to back the acquisition, which, Reuters reported, led Twitter’s board to take the offer more seriously.
Musk made the purchase with $25.5 billion of fully committed debt and margin loan financing and an additional $21 billion equity commitment.
Musk has previously said his $54.20 “best and fin
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