According to the PR Newswire portal, after the completion of the transaction, the company will become non-public.

American entrepreneur Elon Musk acquired Twitter for $44 billion. The deal was announced in a Twitter press release by the PR Newswire portal.

“Twitter, Inc. today announced the conclusion of a final agreement to acquire the company, wholly owned by Elon Musk, for $54.2 per share in cash as part of a transaction worth approximately $44 billion,” the press release said. According to the portal, after the completion of the transaction, Twitter will become a non-public company.

“The Twitter board of Directors conducted a thoughtful and comprehensive process of evaluating Elon’s proposal, paying special attention to cost, guarantees and financing,” the portal quotes Bret Taylor, an independent director of the Twitter board of directors. Taylor also called the upcoming deal “the best way forward” for the company’s shareholders.

Musk previously announced his intention to turn Twitter from a public company into a non-public one, after which its shares can only be sold or exchanged privately or over-the-counter order.