CWC finalises $1.85 billion Columbus deal
02 April 2015 |
Cable & Wireless Communications has finalised its $1.85 billion acquisition of Barbados-based Columbus International.
The announcement comes nearly five months after the companies announced the deal in November 2014 and follows approval from the Telecommunications Authority of Trinidad & Tobago (TATT).
As part of the acquisition, CWC will gain significant fibre optic submarine backhaul and terrestrial broadband and TV. The merged entity will also create opportunities for more growth and investment.
CWC will divest its 49% shareholding in Telecommunications Services of Trinidad and Tobago (TSTT) following completion of the deal.
“This is a transformational deal for Cable & Wireless Communications,” said its CEO Phil Bentley. “Columbus Communications is an outstanding business; not only do we add significant fibre optic submarine backhaul and terrestrial broadband and TV capability to our leading mobile and legacy copper networks in the Caribbean, but our complementary B2B divisions can now offer geographical focus and a wider product offering in the faster-growing Latin American markets.”
As part of the integration process, CWC is undertaking a review of all the brands it operates under, including the Flow and LIME brands, as well as the business and wholesale brands.
In addition, the company will start to release some of the funds from its $1.5 billion investment plan in markets where its integration plans have been approved.
“In a small number of markets where we have yet to receive all the necessary approvals required, we cannot commence our integration and investment plans; we will therefore continue to support the local regulatory due process until we have the green light to move forward in those markets,” said Bentley.
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