Vodafone Speeding Up Integration of Cable and Wireless Division
Published on: 1st Dec 2012
Note -- this news article is more than a year old.
By: Ian Mansfield
Vodafone says that it is speeding up the integration of its recently acquired Cable Wireless Worldwide (CWW) and will be setting up a new Group Enterprise unit with effect from the start of next year.
Nick Jeffery, currently CEO of CWW, will be appointed Group Enterprise Director responsible for the new unit, and will report to Vittorio Colao, Group CEO.
Vodafone says that following the acquisition of CWW in July 2012, it has become clear that there is strong customer demand for combined products and services. Therefore, the company says that it has decided to accelerate the CWW integration process ahead of the originally announced schedule.
As announced in September 2012, Vodafone expects to incur cumulative integration costs of approximately £500 million by March 2016. This is expected to deliver cash flow synergies of £150 million to £200 million per annum by March 2016, resulting in operating free cash flow for the Group in that year of £250 million to £300 million from the acquisition.