[business week] The Bahamas government is selling a majority interest in its telecommunications company to London-based Cable & Wireless Communications.
The $210 million deal for 51 percent of the company will be completed by early next year. Officials say it will improve communications across the island chain.
Cable & Wireless Communications operates in the Caribbean under the trademark Lime.
It made the announcement on Thursday and said the Bahamas will receive $15 million in cash upon closing.
The Bahamas Telecommunications Company is the sole mobile operator in the British territory, where it serves 392,000 mobile customers and also provides broadband services.
The company reported $361 million in revenues last year.
Bahamas to privatize telecommunications company
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