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Cable & Wireless Comms reverses transaction with Batelco

Mon, 30th Dec 2013 13:14

Cable & Wireless Communications (CWC) and Bahrain Telecommunications Co. (Batelco) have agreed to unwind part of the previous transfer of part of its Monaco and Islands division to Batelco. The unwinding relates to the 25% holding in CWC's holding company, Compagnie Monegasque de Communication, which has a 55% stake in Monaco Telecom. As such, CWC has re-paid the $100m which Batelco had paid on completion of the Islands disposal, and Batelco has re-transferred to CWC the 25% shareholding. It was announced that the deal between the two companies had fallen through at the beginning of December, after Batelco was unable to gain approval to acquire the business by the specified date.The deal to sell the Monaco and Islands division was announced in 2012, and formed part of the group's restructuring plan. NR