C&W Comms sells Monaco & Islands for $680 mln

LONDON Mon Dec 3, 2012 2:13am EST

LONDON Dec 3 (Reuters) - Cable & Wireless Communications said on Monday it had reached an agreement to sell its assets in the Monaco & Islands division to Bahrain Telecommunications Co (Batelco) for $680 million.

The cash proceeds will be used to reduce the company's net borrowings, increase its financial flexibility and increase its focus on the Central American and Caribbean region.

The statement confirmed an earlier announcement from Batelco on Monday and follows news of the deal by Reuters in September.

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