Americas-focused Cable and Wireless Communications (CWC) has completed the sale of a 55% stake in Monaco Telecom to French entrepreneur Xavier Niel.
Niel, who founded French telco Iliad but bought the Monaco Telecom stake via a private investment…
Americas-focused Cable and Wireless Communications (CWC) has completed the sale of a 55% stake in Monaco Telecom to French entrepreneur Xavier Niel.
Niel, who founded French telco Iliad but bought the Monaco Telecom stake via a private investment vehicle, paid US$445m for the majority of Monaco’s leading operator.
The principality’s government, which owns the rest of the shares, last year shot down CWC’s attempt to sell the stake to Bahrain’s Batelco for the same price.
But with government support for a sale to Niel, CWC said when it announced the deal last month that regulatory approval should come as a mere formality.
CWC now draws all of its revenue from the pan-American region, with the exception of a small unit in the Seychelles.
The group was advised by JP Morgan, Akira Partners, Evercore and Slaughter & May.
