Batelco completes $570 million acquisition of CWC’s assets
04 April 2013 |
Batelco has finalised its acquisition of numerous companies from Cable & Wireless Communications’ (CWC) Monaco and Islands division for $570 million.
The acquisition includes a 25% shareholding in Compagnie Monégasque de Communications SAM (CMC) and CWC’s assets in Dhiraagu, Sure Channel Islands, the Falkland Islands, as well as St Helena, Ascension and Diego Garcia (SADG).
“Batelco Group is very pleased to formalise this transaction which will see the group emerge as a communications player of global relevance and Bahrain most diversified international company,” said Shaikh Hamad bin Abdulla Al Khalifa, group chairman at Batelco.
“With the acquisition of these businesses from CWC, we are extending our reach and taking our expertise to several new markets across the globe."
Under terms of the agreement Batelco will hold a 52% stake in Dhiraagu, and as part of the remaining 75% interest in CMC, Batelco and CWC will collaborate together on the future of the company.
"As a result of this deal and the further diversification of our business we have the opportunity to deliver greater innovation and value to our customers across many markets whilst also enhancing our ability to maintain strong levels of profitability and to deliver on our commitments to shareholders," said Shaikh Mohamed bin Isa Al Khalifa, CEO of Batelco Group.
Batelco first entered the agreement in December last year following reports that it was planning to expand its global footprint.