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Vodafone to buy CWW for £1.04 bn

Vodafone has agreed to buy Cable & Wireless Worldwide for 1.04 billion pounds,giving it a British fixed-line network to relieve the strain on its wireless operations from data-hungry smartphone users

Written by Reuters | London |
April 24, 2012 1:19:36 am

Vodafone has agreed to buy Cable & Wireless Worldwide (CWW) for 1.04 billion pounds,giving it a British fixed-line network to relieve the strain on its wireless operations from data-hungry smartphone users.

The world’s biggest mobile phone operator by revenue said on Monday buying corporate telecoms specialist CWW would make it a leading player in both fixed-line and mobile telecom services to Britain’s businesses,and it could make cost savings by using CWW’s networks,both in the UK and globally.

Vodafone is offering CWW shareholders,who have had a torrid time since the group split from the former Cable & Wireless in March 2010,38 pence a share in cash,a 92 per cent premium to the price before it declared its interest in February.

CWW has issued three profit warnings,had the same number of chief executives and has suspended its dividend since it split.

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