Cable & Wireless to sell off its Bermuda business

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.

For more:
- Reuters has this article

Related articles:
Cable & Wireless formalizes purchase of Bahamas Telecom Company
Cable & Wireless to purchase a big piece of Bahamas Telecommunications
SingTel considers bid for Cable & Wireless Worldwide
Rumor mill: AT&T could move to acquire C&W Worldwide
Cable & Wireless to put demerger back on table

Suggested Articles

Charter Communications announced on Monday it was re-launching its Remote Education Offer for free internet and Wi-Fi access for 60 days.

AT&T is serving up its managed Cisco/Viptela SD-WAN solution to a global healthcare group in order to improve its operational efficiencies.

Telefónica has doubled down on its cybersecurity platform for small and mid-size enterprises (SMEs) by adding new features from McAfee and Allot.