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Mergers and Acquistions News

Categories: Telecoms

February 9th 2011, 17:22PM

British telecoms provider Cable & Wireless Communications (CWC) says it will acquire a 51 per cent stake in The Bahamas Telecommunications Company (BTC), the exclusive mobile operator in the Bahamas, for $210 million (£130 million).

CWC said the acquisition of BTC, which offers fixed-line and broadband services, will form a "key plank" of its Caribbean business, LIME.

"We are pleased to have BTC join the Cable & Wireless Communications group," said Tony Rice, CWC's chief executive.

"It will form a key part of our Caribbean business, benefitting from our regional platform and scale, while maintaining its Bahamian character."

The transaction is expected to close in April this year.

This acquisition comes as CWC said in a separate trading statement that its business in the Caribbean has been impacted by falling tourist spending.

Mr Rice said Hurricanes Tomas and Earl disrupted operations in Barbados, St Lucia and St Vincent, costing the company around $5 million.ADNFCR-1833-ID-800395651-ADNFCR

 

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