Thursday, December 09, 2010

Bahamas - Cable & Wireless will acquire 51% of Bahamas Telecom from the Govt

[trading markets] Cable & Wireless Communications plc (Cable & Wireless Plc), a UK-based telecommunications company, has entered into non-binding memorandum of understanding to acquire a 51% stake in Bahamas Telecommunications Company Limited, from The Government of the Bahamas for $210 million.

The Government of the Bahamas will also receive any excess net cash in Bahamas over and above $15 million (calculated at completion), subject to a normal level of working capital being maintained in the company.

Bahamas is a provider of fixed-line telecoms, Internet, data and hosting services. The transaction is expected to complete in the first quarter of 2011.

Cable & Wireless Communications to acquire 51% stake in Bahamas Telecommunications

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