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Vodafone to buy CWW for $1.7 bn
Telecom giant Vodafone on Monday said it has reached an agreement to buy British firm Cable and Wireless Worldwide (CWW) for about £1.04 billion ($1.67 billion or Rs. 8,800 crore).
Telecom giant Vodafone on Monday said it has reached an agreement to buy British firm Cable and Wireless Worldwide (CWW) for about £1.04 billion ($1.67 billion or Rs. 8,800 crore).
Tata Communications was also in fray to acquire the British firm, but had pulled out of the race after failing to reach an agreement on offer price.
With Tatas moving out, UK-based Vodafone was the only contender left for the bid.
"Vodafone Europe and CWW have reached an agreement on the terms of a recommended cash offer pursuant to which Vodafone will acquire the entire issued and to be issued ordinary share capital of CWW," Vodafone said in a filing to the London Stock Exchange.
CWW owns fixed lines that are used by mobile operators to provide links to mobile transmitters and switching offices.
It also provides voice, data and hosting services to major British companies such as Next, Tesco and United Utilities, and retains an international cable network connecting more than 150 countries.
