What happened Shares of Cincinnati Bell (NYSE: CBB) jumped this morning, racing ahead to a 34.8% gain as of 10:15 a.m. EST, after Brookfield Infrastructure Partners (NYSE: BIP) announced it will acquire the telecommunications provider in a transaction valued at $2.6 billion. Brookfield says it plans to pay $10.50 per share to Cincinnati Bell shareholders, and the stock is now trading within just a few pennies of that takeout price. Image source: Getty Images. So what This will be an all-cash transaction, providing "clear and immediate value at an attractive premium" to Cincinnati Bell shareholders, according to the companies' boards of directors. For its part, Brookfield management said the deal "represents an opportunity ... to acquire a great franchise and leading fiber-network operator in North America." Cincinnati Bell owns and operates the leading data transmission and distribution network in Cincinnati and Hawaii, with a footprint of over 1.3 million homes. Now what Regulators permitting, the deal is expected to close before the end of 2020. With Cincinnati Bell shares now trading near the price Brookfield is bidding, it appears investors are pretty sure that the deal will be finalized, and that no one else will bid for these assets and drive the price any higher than $10.50 per share. 10 stocks we like better than Brookfield Infrastructure PartnersWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Brookfield Infrastructure Partners wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Infrastructure Partners. The Motley Fool has a disclosure policy.Source