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Vodafone cable 1 billion pounds worldwide acquisition
Last Updated 2012-04-25 - 12:04:09 (CET)
UK mobile phone giant Vodafone has agreed to buy telecoms group Cable & Wireless Worldwide (C&WW) in a deal valuing the firm at just over £1bn.
Vodafone was left as C&WW's only suitor after India's Tata Communications ended its interest in the firm last week.
Under the terms of the deal, Vodafone will pay 38 pence per C&WW share, giving the firm a value of £1.044bn.
The takeover will add a UK fixed-line network to Vodafone's existing mobile network.New Era Cap
In a statement, Vodafone chief executive Vittorio Colao said: "The acquisition of Cable & Wireless Worldwide creates a leading integrated player in the enterprise
segment of the UK communications market and brings attractive cost savings to our UK and international operations."
C&WW specialises in networking and broadband for corporate clients, including Tesco and the UK police service.
It split from Cable & Wireless Communications (C&WC) in 2010 but has struggled since the seperation. It has issued a number of profit warnings and is now on its third
chief executive.New Era Hat
C&WC offers telecoms services to consumers and businesses in almost 30 markets around the world including Jersey, Guernsey, the Caribbean and Panama.
The 38p per share offer represents a 92% premium to the level of C&WW's share price before the bid interest became known in February.
Reports have suggested that, if the deal goes through, Vodafone will sell off C&WW's undersea cable assets.Sale NFL Nike Jerseys
Vodafone was left as C&WW's only suitor after India's Tata Communications ended its interest in the firm last week.
Under the terms of the deal, Vodafone will pay 38 pence per C&WW share, giving the firm a value of £1.044bn.
The takeover will add a UK fixed-line network to Vodafone's existing mobile network.New Era Cap
In a statement, Vodafone chief executive Vittorio Colao said: "The acquisition of Cable & Wireless Worldwide creates a leading integrated player in the enterprise
segment of the UK communications market and brings attractive cost savings to our UK and international operations."
C&WW specialises in networking and broadband for corporate clients, including Tesco and the UK police service.
It split from Cable & Wireless Communications (C&WC) in 2010 but has struggled since the seperation. It has issued a number of profit warnings and is now on its third
chief executive.New Era Hat
C&WC offers telecoms services to consumers and businesses in almost 30 markets around the world including Jersey, Guernsey, the Caribbean and Panama.
The 38p per share offer represents a 92% premium to the level of C&WW's share price before the bid interest became known in February.
Reports have suggested that, if the deal goes through, Vodafone will sell off C&WW's undersea cable assets.Sale NFL Nike Jerseys
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