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Elon Musk plans to close a Twitter deal on Friday


© Stocksak. Elon Musk plans to close Twitter (TWTR), according to reports

By Sam Boughedda

Elon Musk told bankers that he had used their money to finance his acquisition Twitter Inc According to reports, he will close the deal by Friday (NYSE:).

Bloomberg claimed that sources informed them that Musk spoke by video to the banks, who provide $13 billion of debt financing. The publication stated that the banks have completed the final credit agreement, and are currently signing the documentation. This is the last step before Musk receives his money.

CNBC’s David Faber tweeted Tuesday: “Equity investors who participated in Elon Musk’s take-private of Twitter have received paperwork by Skadden Arps to prepare for the closing of the deal.” This is another sign that Friday’s close is imminent.

Wall Street lenders, led Morgan Stanley (NYSE:), have been in preparation to finance the debt over the past weeks, even though Musk was trying to withdraw from it not long ago. Recent reports suggest that it is now in its final stages. A Delaware judge gave the Tesla (NASDAQ: ) CEO until October 28th to close the transaction.

Bloomberg also stated that banks will receive a borrow notice on Tuesday. The cash will be held in escrow on Wednesday.

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