CWC Buys Back Minority Stake in Monaco Telecom from Batelco
Published on: 8th Nov 2013
Note -- this news article is more than a year old.
UK based Cable & Wireless Communications (CWC) is to reverse a previously announced deal to sell a 25% stake in its Monaco subsidiary to Bahrain based Batelco.
In its financial statement, CWC said that it has agreed to unwind the transaction announced with Batelco for a minority stake in the Monaco business and as a result the CMC Minority Shares purchased by Batelco will be transferred back to CWC for USD100 million -- the same price it was sold for.
The company said that it is reviewing options for the business.
The related sale of operations in Maldives, the Channel Islands and Isle of Man, South Atlantic, Diego Garcia and the Seychelles are unaffected by the Monaco decision.
Commenting on the Group results, Tony Rice, CEO at CWC said "We have largely completed our disposal process, with the Seychelles transaction expected to complete this year. We have agreed to unwind the agreement we announced with Batelco for a minority stake in our Monaco business at the same time."