CWC.L Share News (CWC)

Telecom services provider Cable & Wireless Communications (CWC) has acquired Columbus International for $1.85bn.The purchase of Columbus, a privately-owned telecommunications and technology company operating in the Caribbean, Central America and the Andean regions, will help CWC to improve its business within those markets, the said in a statement on Thursday.CWC said the move will "significantly enhance" the company's growth profile and "accelerate the progress towards each of its strategic goals".It also announced the placing of 252.8m new shares, which represent 9.99% of CWC's existing issued capital.Cable & Wireless will assume Columbus' net debt of $1.17bn.Phil Bentley, CWC's chief executive, said: "This is a transaction that transforms CWC, providing a step-change in growth and returns. Together, we will create the best-in-class quad-play offering in the region, delivered on a superior mobile, fibre and subsea network."Also on Thursday, the TV and Internet provider announced its half-year results, with revenue up 1% to $848m due to mobile data revenues growth by 10% during the period.Profit before tax rose from $17m to $132m.The company said it is making "good process" in reducing their costs and on track to achieve their target $100m of run-rate savings by March next year.Earnings per share increased to 1.9c from a loss of 2p same time last year.Shares were down 6% to 46c at 12:08 on Thursday.