Cable and Wireless Communications’ (CWC) shareholders have approved the sale of the Monaco & Islands business to Batelco. At a general meeting held today 99.92% of shareholders voted in favour of the transaction, CWC said.
Completion of the US$680m…
Cable and Wireless Communications’ (CWC) shareholders have approved the sale of the Monaco & Islands business to Batelco. At a general meeting held today 99.92% of shareholders voted in favour of the transaction, CWC said.
Completion of the US$680m transaction is expected to take place by the end of March.
In early December 2012, Batelco had agreed to acquire CWC’s entire interest in the businesses in the Maldives, Channel Islands and Isle of Man, the Seychelles, South Atlantic territories and Diego Garcia. CWC is also selling a 25% shareholding in Compagnie Monagesque de Communications (CMC), which holds its 55% interest in Monaco Telecom.
Under a put and call arrangement the remaining 75% of CMC can be transferred to Batelco for a further US$345m at a later stage, which would increase the total deal value to US$1.025bn. This would give Batelco control of Monaco Telecom and CWC’s minority stake in Afghan operator Roshan. If this option is not exercised, the 25% shareholding in CMC will be sold back to CWC for US$100m.
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