Cable & Wireless Communications has told TelecomFinance which advisors are working on its efforts to acquire a 51% stake in Bahamas Telecommunications Company (BTC).
A CWC spokesperson said that much of the work was done in-house, but it used Slaughter &…
Cable & Wireless Communications has told TelecomFinance which advisors are working on its efforts to acquire a 51% stake in Bahamas Telecommunications Company (BTC).
A CWC spokesperson said that much of the work was done in-house, but it used Slaughter & May for legal advice, while KPMG was consulted for due diligence.
This news came after reports from local media in the Bahamas that CWC may be planning to cut the BTC workforce in a restructuring move.
The Tribune newspaper reported that CWC executives had confirmed that the company would use US$15m cash on BTC’s balance sheet to cover restructuring costs. These would include laying off 30% of the workforce.
Unions representing the BTC workforce have strongly opposed this move. According to The Tribune, the unions had suggested that the restructuring could save US$22m a year for BTC.
