Tata Communications pulls out of CWW buyout bid

Tata Communications said that it will not make any offer to acquire Cable & Wireless Worldwide.

Tata Communications today said that it will not make any offer to acquire Cable & Wireless Worldwide as it has failed to reach agreement with the British firm.

“TCL was evaluating a possible cash offer for Cable & Wireless Worldwide Plc (CWW). TCL today confirms that it has been unable to reach agreement with CWW on an offer price and therefore confirms that it does not intend to make an offer for CWW,” Tata Communications said in a statement.

Tata Communications and Vodafone were in race to acquire CWW.

Story continues below this ad

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.

CWW would have provided TCL,which owns undersea cable assets and provides telecom and Internet services to companies across countries,a larger footprint in voice and data carrier businesses as well as in the undersea cable network.

Tags:
Tata Communications

Dominic A LeBlanc, the Minister of Public Safety, said, "The promotion of violence is never acceptable in Canada." (PTI Photo/ File)

Khalistani outfit SFJ threatens to ‘siege’ Indian consulate in Canada

India16 min ago

Khalistani outfit Sikhs For Justice has called for a "siege" on the Indian consulate in Canada on September 18, accusing them of running a spy network to target Khalistan supporters. The group has also threatened the Indian consulates in Canada and released a poster with a target on the face of the Indian High Commissioner.

View all shorts

Live Blog