Expanding its telecom portfolio, Brookfield Infrastructure Partners LP (BIP) said Monday, Dec. 23, that it will buy regional phone, broadband and video service provider Cincinnati Bell Inc. (CBB) for $2.6 billion.

Brookfield agreed to pay $10.50 per share for Cincinnati Bell, driving shares of the Mario Gabelli-targeted telecom up 35% to $10.44 and pushing its market cap to nearly $530 million. The Cincinnati company also has about $2 billion in debt.

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