Elon Musk has unveiled how he would assemble a $46bn financing package to fund his takeover bid for Twitter, as the Tesla chief executive pushes ahead on a deal that would be one of the largest leveraged buyouts in history.
Musk has lined up $25.5bn in debt — including a margin loan of $12.5bn against his Tesla shares — from a group of banks led by Morgan Stanley, his financial adviser. Separately, he said he would personally provide $21bn of equity for the deal, according to paperwork filed with the Securities and Exchange Commission on Thursday.
The financing plan comes after Musk made a $43bn offer to take Twitter private, a bid that the San Francisco-based company has still not responded to.
Twitter has hired JPMorgan Chase and Goldman Sachs as its advisers.
This is a developing story. More to come
