Mergers and Acquisitions (Tables)

6 Months Ended

Jun. 30, 2022

The purchase price for Cincinnati Bell Inc. consisted of the following:

(dollars in millions)
Cash consideration for Cincinnati Bell Inc. common stock	$	807.3
Cash consideration for preferred stock		155.2
Cash consideration for debt repayment		658.2
Total purchase price	$	1,620.7

Purchase Price Allocation

Based on fair value estimates, the purchase price has been allocated on a preliminary basis to individual assets acquired and liabilities assumed as follows:

(dollars in millions)	Cincinnati Bell Inc.
Assets acquired
Cash	$	11.2
Receivables		318.5
Inventory, materials and supplies		56.4
Prepaid expenses		5.6
Other current assets		40.5
Property, plant and equipment		1,950.8
Operating lease right-of-use assets		42.3
Goodwill		646.7
Intangible assets		969.6
Deferred tax assets		6.9
Other noncurrent assets		20.2
Total assets acquired		4,068.7
Liabilities assumed
Current portion of long-term debt		11.8
Accounts payable		381.1
Unearned revenue and customer deposits		51.2
Accrued taxes		24.6
Accrued interest		19.4
Accrued payroll and benefits		49.3
Other current liabilities		75.0
Long-term debt, less current portion		1,378.0
Operating lease liabilities		38.6
Pension and postretirement benefit obligations		151.6
Pole license agreement obligation		46.7
Deferred income tax liability		149.3
Other noncurrent liabilities		71.4
Total liabilities assumed		2,448.0
Net assets acquired	$	1,620.7

Preliminary Fair Values of Identifiable Intangible Assets Acquired

The preliminary fair values of the identifiable intangible assets acquired on the Merger Date were as follows:

(dollars in millions)	Fair Value		Useful Lives
Customer relationships	$	850.0	15 years
Trade names		108.0	3 to 10 years
Technology		5.0	7 years
FCC licenses and spectrum usage rights		6.6	Indefinite
Total identifiable intangible assets	$	969.6

Agile IWG Holdings, LLC [Member]

Purchase Price Allocation

Based on fair value estimates, the purchase price has been allocated on a preliminary basis to individual assets acquired and liabilities assumed as follows:

(dollars in millions)	Agile
Assets acquired
Receivables and other current assets	$	1.5
Property, plant and equipment		10.0
Operating lease right-of-use assets		22.0
Intangible assets		17.5
Goodwill		40.9
Total assets acquired		91.9
Liabilities assumed
Accrued expenses and other current liabilities		2.2
Operating lease liabilities		20.4
Other noncurrent liabilities		4.2
Total liabilities assumed		26.8
Net assets acquired	$	65.1

Preliminary Fair Values of Identifiable Intangible Assets Acquired

Based on fair value estimates, the identifiable intangible assets acquired are as follows:

(dollars in millions)	Fair Value
Customer relationships	$	14.0
Trade names		2.5
Technology		1.0
Total identifiable intangible assets	$	17.5