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FINANCIAL NEWS
Bahrain’s Batelco negotiates USD650m loan deal to fund CWC purchase
05 Dec 2012
(MENAFN) Bahrain Telecommunications’ (Batelco) CEO for strategic assignments, Peter Kaliaropoulos, stated that the company is approaching a USD650 million loan deal with two commercial banks to finance the acquisition of several Cable & Wireless Communications’ (CWC) assets, reported Arabian Business.
Kaliaropoulos added that Batelco is looking for a bridge loan for 12 months that will be replaced by a bond.
He added that the loan would finance the first stage of the purchase, and would cover the acquisition of CWC’s Monaco and Islands division.
The Bahraini firm will obtain a 25-percent stake in Compagnie Monagesque de Communications (CMC), which owns CWC’s 55 percent interest in Monaco Telecom, which in turn holds a 36.8-percent stake in Roshan, a mobile phone operator in Afghanistan.
Kaliaropoulos noted that the second stage of the purchase will allow the comapny to acquire a controlling stake in CWC’s remaining 75 percent stake in CMC for USD345 million.
He said that within the coming 12 months, Batelco will decide how to fund the second phase of the acquisition.
It is worth noting that Batelco announced on Monday that it will acquire CWC assets in a 2-stage deal worth up to USD1 billion.
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