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Cable and Wireless buys 51pct of Bahamas telecoms company
[December 03, 2010]

Cable and Wireless buys 51pct of Bahamas telecoms company

Dec 03, 2010 (Caribbean News Now - McClatchy-Tribune Information Services via COMTEX) -- NASSAU, Bahamas -- Cable & Wireless Communications Plc, UK (CWC) has bought 51 percent of the Bahamas Telecommunications Company Limited.

The Bahamas government issued a press release stating that a Memorandum of Agreement has been signed in this regard following extensive discussions between CWC and the government.

CWC is a global, full service communications company, which operates leading communications business through four regional units -- the Caribbean, Panama, Macau and Monaco & Islands.

Its services include mobile, broadband and domestic and international fixed line services in most of its markets as well as pay-TV, data centre and hosting, carrier and managed service solutions.

CWC is a FTSE 250 communications company with $2.5 billion revenues, operating in 37 countries in Landline, Mobile, Broadband and Entertainment (13 of which are in the Caribbean).

It has 8.3 million mobile, 1.8 million fixed line and 600,000 broadband customers. CWC has been in the telecoms business for 140 years.

The Bahamas government and CWC will work together to finalize contractual terms and obtain necessary consents and other regulatory clearances in order to complete the transaction in the first quarter of 2011.

CWC will pay US$210 million, plus stamp duty for the 51 percent majority shares.

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