Cable & Wireless sells Islands group
Bahraini company buys assets worth US$680mn
By CFOWorld.co.uk staff | CFO UK | Published 17:26, 03 December 12
Cable and Wireless (C&W) communications has reached an agreement to sell the majority of its Monaco and Islands division to Bahrain Telecommunications Company (Batelco).
In an announcement on Monday, C&W said the deal was worth US$680 million (£420 million). The sale includes all C&W operations in the Isle of Man, Channel Islands, Maldives, Seychelles, Diego Garcia and Falkland Islands, as well as part of its holdings in Monaco.
Tony Rice, CEO of C&W, said the sale will need to pass regulatory approval and is expected to be completed by the end of its current financial year.
Chief executive of Batelco Sheikh Mohamed bin Isa Al Khalifa, said, "It is a well-managed business that we want to invest in so that it continues to build upon its existing strengths."
Batelco said it would give details on further investment plans once the acquisition has gone through.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
CFOs are keen for the chancellor to avoid any uncertaintymore ..
Annual loss the worst in its 150 year historymore ..
However, company missed analysts' expectation as ad prices slidmore ..
Coffee chain says move reflects growing importance of UK marketmore ..
CFOs used to low interest rates ignore working capital optimisation at their perilmore ..
Concur shows CFOs how to make life easier when the auditors come knockingmore ..