Cable & Wireless Communications’ (CWC) Panama unit has agreed to acquire local IT and telecoms services provider Grupo Sonitel for US$36m, with an additional consideration of up to US$5m.
The deal includes Sonitel operations SSA Sistemas – which…
Cable & Wireless Communications’ (CWC) Panama unit has agreed to acquire local IT and telecoms services provider Grupo Sonitel for US$36m, with an additional consideration of up to US$5m.
The deal includes Sonitel operations SSA Sistemas – which provides IT and telecoms services to business and government customers in Panama, El Salvador, Nicaragua and Peru – and Sonset, which delivers IT services to SME customers in Panama.
Sonitel’s IT hardware reseller Logistica and a small number of other non-core assets are not included in the transaction.
According to Americas-focused CWC, the businesses involved in the deal had revenues of US$77m from continuing operations in 2013.
CWC CEO Phil Bentley said the acquisition aligns with its strategy to grow its business and government capabilities.
The group commented that the combination of CW Panama, which it controls with a 49% stake, and Grupo Sonitel will create a market-leading proposition for customers in Panama, adding that there are also opportunities to grow the business in El Salvador, Peru, Nicaragua and Caribbean markets.
The group recently announced a US$1bn three-year investment-led plan called Project Marlin to upgrade networks and improve customer offerings.
Separately, it completed the sale of a 55% stake in Monaco Telecom to French entrepreneur Xavier Niel for US$445m in May. CWC has since drawn all of its revenue from the pan-American region, with the exception of a small unit in the Seychelles.
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