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Batelco Confirms Talks to Buy Cable and Wireless Communications Subsidiary
Published on:
Bahrain's Batelco has confirmed that it is in talks that could lead to a takeover deal for part of Cable & Wireless Communications.
In a brief statement, Batelco said that it has "expressed an interest" to Cable & Wireless Communications to buy its Monaco and Islands business unit
"At this point, there can be no certainty that this will lead to a transaction. A further announcement will be made in due course if appropriate" said Batelco Group Chief Executive Shaikh Mohamed bin Isa Al Khalifa in the company statement.
According to an earlier Reuters news report, the deal could be worth around US$1 billion, although talks are still at an early stage.
The "Monaco & Islands" division operates in 12 markets, including the Maldives, Seychelles and Falkland Islands, and offers fixed-line, mobile, broadband and television services. Its brands include Monaco Telecom, Dhiraagu in the Maldives, and Sure in Britain's Channel Islands and Isle of Man.
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