FINANCIAL NEWS

Bahrain- Batelco finalizes USD570m agreement with CWC

04 Apr 2013

(MENAFN) Bahrain’s Batelco Group’s CEO, Sheikh Mohamed bin Isa Al Khalifa, stated that the company completed a USD570 million deal for the acquisition of several overseas assets from Cable & Wireless Communications (CWC), reported Arabian Business.

Sheikh Mohamed said that the company bought CWC’s whole stake in Dhiraagu (Maldives), Sure Channel Islands and Isle of Man, in addition to CWC operations in Falkland Islands, St Helena, Ascension and Diego Garcia.

Furthermore, the firm obtained a 25-percent shareholding in Compagnie Monegasque de Communications, which holds CWC’s 55-percent interest in Monaco Telecom.

It is worth noting that Batelco has also entered into ‘put and call’ arrangements regarding CWC’s remaining 75-percent stake in CMC, which will allow the Bahraini company to buy a controlling stake in Monaco Telecom.

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