Cable & Wireless (LSE: CW.L) has decided that it needs to realign its Caribbean operations, so it's selling off its Bermuda operations to Canadian-based telco and cable operator Bragg Group.
Expected to be complete in April, Bragg Group plans to fund the $70 million purchase with cash.
The move to sell its Bermuda operations follows a seperate deal it struck with Bahama's government to purchase a 51 percent stake in The Bahamas Telecommunications Company (BTC).
"Bermuda does not fit our business model as it is not a full-service operation while BTC provides excellent opportunities and a strong strategic fit with our Caribbean business," Tony Rice, CEO of Cable & Wireless, said in a statement.
- Reuters has this article
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