Batelco to acquire CWC assets for $1bn
- Bahrain: Tuesday, December 04 - 2012 at 05:49
Batelco has said it has agreed to buy the assets of Cable & Wireless Communications (CWC) in a deal worth up to $1bn, hoping growth overseas will offset falling revenue and market share at home, Reuters has reported. The state-controlled firm will buy CWC's Monaco and Islands division, which own stakes in telecom operators in 12 markets including the Maldives, Channel Islands and the Seychelles, providing fixed-line, mobile, broadband and television services. It will also buy a 25% shareholding in Compagnie Monagesque de Communications (CMC), which holds CWC's 55% interest in Monaco Telecom. Monaco Telecom in turn holds a 36.8% stake in Roshan, a mobile phone operator in Afghanistan. "Batelco's revenues and earnings are going down and the company is looking at cost reduction and restructuring to boost its margins," said a Middle East telecom analyst. "Batelco wanted to buy brownfield operations (established businesses), it didn't want new licences, and there aren't many available at the $1bn ticket range."
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