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.
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