Batelco re-transfers $100m stake in CWC unit
Manama, December 30, 2013
Bahrain-based Batelco Group today announced that it has agreed with Cable & Wireless Communications (CWC) to unwind the previous transfer of a 25 per cent shareholding in Compagnie Monegasque de Communication (CMC) from CWC to Batelco.
As per the new agreement, CWC has re-paid to Batelco the $100 million paid by Batelco to CWC upon completion of the Islands disposal, said a Batelco statement.
Under a deal agreed earlier this year, Batelco had acquired several units of British multinational CWC, including its Monaco and Islands division for $570 million.
As per the deal, Batelco had acquired the entire CWC interest in Dhiraagu (Maldives), Sure Channel Islands and Isle of Man and CWC operations in Falkland Islands, St Helena, Ascension and Diego Garcia (SADG) besides a 25 per cent shareholding in Compagnie Monégasque de Communications (CMC), which holds CWC’s 55 per cent interest in Monaco Telecom.
In addition, Batelco and CWC had entered into put and call arrangements in relation to CWC’s remaining 75 per cent interest in CMC in line with previously announced terms and conditions.
Batelco has re-transferred to CWC the 25 per cent shareholding in CMC. All option arrangements between CWC and Batelco in relation to CMC have been terminated, the statement said. – TradeArabia News Service