Twitter plans to close deal with Elon Musk on previously agreed terms: JPMorgan exec

Twitter plans to close its deal with billionaire Elon Musk on previously agreed price and terms, Anu Aiyengar, global co-head of mergers and acquisitions at JPMorgan Chase & Co, told a conference in New York.

Earlier this month, Musk proposed to proceed with his original $44 billion bid, calling for an end to a lawsuit by the social media company that could have forced him to pay up.

Earlier this week, Bloomberg reported that Musk had pledged to close his $44 billion Twitter acquisition by Friday in a video conference call with bankers who are helping fund the deal.


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The banks have finished putting together the final credit agreement and are in the process of signing the documentation, according to the report, in one of the last steps in moving funds to Musk.

The Tesla CEO first announced his bid to buy the social media platform in April saying he had offered to buy Twitter for $54.20 per share, which came up to roughly $44 billion.

Musk then dropped the deal claiming the social media platform misled him and his investors about the number of spam or bot accounts on Twitter.

Twitter then filed a case against the Tesla CEO asking him to appear before a Delaware court and go through with the deal.

Last month, Musk announced that he would go ahead with the deal and buy the social media platform.

Twitter shares were trading at $54.81, close to Musk’s offer price and up 17% since he first announced the deal.

JPMorgan and Goldman Sachs are Twitter's financial advisors.