The sale of Cable & Wireless Communications’ (CWC) Seychelles business to Batelco may not close until December after the companies extend a deadline as they await regulatory approval.
Bahrain’s Batelco agreed to acquire CWC’s Monaco & Islands…
The sale of Cable & Wireless Communications’ (CWC) Seychelles business to Batelco may not close until December after the companies extend a deadline as they await regulatory approval.
Bahrain’s Batelco agreed to acquire CWC’s Monaco & Islands division – which included Cable & Wireless Seychelles – last December for a total of US$680m.
That deal closed in April, but only for part of the deal, as regulatory approvals in the Seychelles were not received in time.
The companies agreed a deadline of 2 September to complete the US$110m transaction but that has now been pushed back to 2 December.
There is not a specific issue as to why the approval is taking time, rather it has just been a slow process, TelecomFinance understands.
In addition to the Seychelles business, Batelco can also acquire the whole of CWC’s controlling stake in Monaco Telecom in a put-and-call arrangement.
In the deal which closed in April, the Middle Eastern operator bought 25% of Compagnie Monegasque de Communications, which holds CWC’s 55% interest in Monaco Telecom. The remaining 75% will cost it US$345m.
